The Philippines is among the three countries in Southeast Asia that are frontrunners in adopting nuclear energy to address rising power demand.
In a report distributed to journalists, BMI, a unit of Fitch Solutions Company, said the Philippines, Vietnam and Malaysia already have nuclear power programs in place, opening opportunities for investments.
For one, the Philippines has committed to having at least 1,200 megawatts (MW) of nuclear power by 2032, and is a signatory to all major safety, security and safeguards and liability instruments and governance framework available to date, it said.
“This regulatory maturity, combined with concrete policy support and established institutional capacity, positions the Philippines as the frontrunner in ASEAN’s nuclear race,” it said.
“We believe there could be opportunities for an accelerated deployment given the Philippines’ capabilities and experience, as the Bataan province houses Southeast Asia’s only existing nuclear power plant, though it never became operational,” it added.
The Department of Energy (DOE) has already issued a comprehensive framework for the inclusion of nuclear energy in the country’s power generation mix, through Department Circular (DC) No. 2005-10-0019.
Under the said framework, the first commercially developed and operated nuclear power plant (NPP) will become the baseload facility and will be granted priority dispatch in coordination with the Independent Market Operator (IMO), and the System Operator (SO).
The pioneer nuclear power plant that will be in operation will be automatically certified as an Energy Project of National Significance (EPNS), which gives it access to incentives and fast-track processing under Executive Order No. 30.
The Energy Regulatory Commission has also been tasked to coordinate with stakeholders to implement a Regulatory Asset Base-type model or similar capital recovery mechanism.
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