MANILA Electric Co. (Meralco) said it considers nuclear power as a long-term solution to the country’s power needs, while also hinting at discussions with a nuclear firm, its chairman said.
“During the visit of the President to the [United] States, some of our people met with the nuclear manufacturing plants. One of them visited us here in Meralco, two to three months ago. It was a very productive visit,” Manuel V. Pangilinan, chairman and chief executive officer of Meralco, said in a recent media briefing.
President Ferdinand R. Marcos, Jr.’s state visit to Washington, D.C. happened from April 30 to May 4. During his visit, several US companies reportedly pledged to invest in the Philippines.
Mr. Pangilinan said that his team suggested to the nuclear company “if we could buy [or] if they could build a plant here in the Philippines.”
“So, at least we could have a taste of how we can build it and operate it,” he said, describing the move as “progress.”
“We still have to schedule a trip to the States and coordinate with them to get that going,” he added.
Mr. Pangilinan did not specify details of the plan, citing a non-disclosure agreement (NDA) with an entity he identified as Ultra Safe.
“I think we signed an NDA with Ultra Safe. But this is a long-term solution, at least five years away from commercial production of nuclear plants,” he added.
Last year, Meralco said it was applying for a grant from the United States to do a feasibility study on introducing nuclear energy in the Philippines.
The Department of Energy earlier estimated a timeline of about 10 years before the country can add nuclear power into the energy mix. The government is eyeing adopting nuclear power as a new source of energy to address the country’s energy supply issues.
The department has said that it is considering a target of about 2,400 megawatts (MW) in nuclear power capacity by 2035, a goal it plans to incorporate into the Philippine Energy Plan, which is set to be released this year.
At the local bourse on Wednesday, shares in the company fell by P7 centavos or 2.02% to end at P340 apiece.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
