The Philippines, aiming for an initial nuclear energy capacity of 1,200 megawatts (MW) by 2032, engaged in discussions on infrastructure development and financing strategies with the International Atomic Energy Agency (IAEA) at a recent workshop in Manila.
The National Workshop on Nuclear Power Infrastructure and Financing, held from Oct. 20 to 24, was organized by the Nuclear Energy Program Inter-Agency Committee (NEP-IAC), led by the Department of Energy (DOE).
The gathering brought together IAEA experts, private sector representatives and concerned government agencies to explore critical issues for nuclear development, including infrastructure and various financing models.
DOE Undersecretary Giovanni Carlo Bacordo cited the significance of the event, saying it “marks another important step in our country’s continuing efforts to explore the potential of nuclear power as a viable option in achieving energy security, economic development, and a sustainable future for the Philippines.”
The discussions focused on financing options such as public-private partnerships, green financing and other viable models.
The DOE acknowledged that nuclear energy projects face challenges, including high upfront capital costs, long development timelines and complex regulatory environments, which could complicate securing investment.
The IAEA presented its milestones approach for strategic planning. IAEA energy economist Brianna Lazerwitz noted that 416 nuclear power reactors are currently operating worldwide, with 63 more under construction in 31 countries.
Lazerwitz said global nuclear electric capacity projections for 2050 have been revised upwards for the fifth consecutive year. In the high case scenario, capacity is expected to rise by 160 percent to 992 gigawatts (GW) from 377 GW at the end of 2024. The low case scenario projects a 50 percent growth to 561 GW globally.
The IAEA expert cited the essential nature of strong government involvement in financing structure and risk management, despite the existence of various financing models like lending and borrowing.
Other IAEA experts leading discussions included former Bulgarian energy and economic minister Milko Kovachev, GNE advisory lawyer Chelsea Gunter and radioactive waste specialist Ozge Unver.
Participants also discussed nuclear perspectives for the Philippines, regulatory frameworks, institutional roles, large reactors, small modular reactors and ownership models.
The Philippines recently strengthened its legal basis for its nuclear energy program with the signing of Republic Act No. 12305, or the Philippine National Nuclear Energy Safety Act.
The law establishes the Philippine Atomic Energy Regulatory Authority, or PhilATOM, as a quasi-judicial body with exclusive jurisdiction over nuclear energy regulation.
