Aboitiz Power Corporation is exploring potential investments in nuclear energy development in the Philippines as part of its long-term strategy to enhance the country’s energy reliability and sustainability.
In a report by Philippine Star, AboitizPower chief corporate services officer Carlo Aboitiz said that the company is currently in talks with various original equipment manufacturers (OEMs) that are developing nuclear technology.
However, Aboitiz forewarned that while nuclear power could play a crucial role in ensuring a stable and sustainable energy supply, the high costs associated with its deployment mean that actual projects are still far off.
The energy company pointed out that while nuclear energy is not expected to be viable during the 2020s and is improbable for the early 2030s, early investment is crucial to lay the groundwork for future development.
Aboitiz, moreover, suggested that nuclear energy development could become a reality in the late 2030s.
While AboitizPower supports the development of nuclear energy, the company also recognizes the importance of promoting its responsible and peaceful use, including establishing a regulatory framework.
This sentiment aligns with the recent 123 agreement between the Philippines and the United States, which facilitates collaboration on clean energy, including the transfer of nuclear technology and expertise between the two nations.
In addition to AboitizPower’s efforts, the firm also commended Manila Electric Company (MERALCO) for advancing nuclear energy initiatives by partnering with foreign universities as MERALCO recently signed agreements with universities in the United States, Canada, and China to help its engineers expand their knowledge of managing nuclear power plants.
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