Lopez-led First Gen Corp. is evaluating the commercial viability of small modular nuclear reactors as the country maps out a path to introduce atomic energy into its grid by the next decade.

In an interview with First Gen Vice President and Head of Strategy and Planning Jay Soriano sad the company is examining early-stage pilot developments globally to determine if the technology can successfully integrate into its generation portfolio.

While First Gen has not finalized any capital commitments for nuclear power, the company is monitoring international markets to identify developers capable of scaling the technology profitably.

“We are particularly interested in finding an organization or a company that has been able to make it commercially viable,” Soriano said on Wednesday, June 24.

He noted that the company has held preliminary discussions with partners in the United States (US) but remains open to other global technology suppliers. “We haven't been biased toward a particular country. It’s more of the technology that we are looking at, in particular small modular reactors.”

The exploratory move comes as the Philippines seeks new and stable baseload power sources to sustain rapid economic growth and insulate the country from volatile global fossil fuel markets. Although First Gen relies heavily on natural gas and geothermal energy, the company views the integration of nuclear power into the national grid as a highly probable long-term outcome.

“If we are going to embark on that route, we want some level of certainty that there is a clear path toward execution and a clear path toward commercialization,” Soriano said.

Small modular reactors (SMRs) typically produce about 300 megawatts of electricity. Proponents favor them over traditional, large-scale nuclear facilities because they require lower upfront capital deployment and carry significantly fewer construction risks. According to the International Atomic Energy Agency, prolonged delays in traditional nuclear construction phases, which usually span five to seven years, represent the largest financial burden for developers.

Global interest in the modular technology has surged due to the rapid expansion of power-hungry digital infrastructure. The Vienna-based IAEA estimated that the global SMR development pipeline reached approximately 47 gigawatts of potential capacity last year, with about 40 percent of that total demand driven by tech companies seeking uninterrupted, carbon-free energy sources to power data centers.

The Philippine Department of Energy has adjusted its timeline for atomic power, targeting the commercial deployment of nuclear capacity between 2038 and 2047. To accelerate the process, the energy department and the Philippine National Nuclear Energy Commission, known as PhilAtom, are conducting site assessments and pre-development regulatory frameworks. The IAEA is currently assisting the government in identifying viable locations that meet international safety and environmental benchmarks.