Manila Electric Co. (Meralco) has signed a memorandum of understanding with Korea Hydro & Nuclear Power and the Export-Import Bank of Korea to cooperate on advancing nuclear energy development in the Philippines.
The agreement supports the Meralco Nuclear Energy Strategic Transition program through joint discussions on reactor design and engineering.
The partnership includes the exchange of technical and regulatory information alongside efforts to strengthen the Philippine nuclear legal and institutional frameworks.
Korea Hydro & Nuclear Power, or KHNP, is a subsidiary of the Korea Electric Power Corporation and the largest power generator in South Korea. The Export-Import Bank of Korea, known as KEXIM, serves as the state-owned official export credit agency and financing arm.
“Nuclear energy is a way to diversify our portfolio and reinforce energy security, while offering a degree of insulation from fuel market fluctuations. Complementary to the Philippine government’s efforts to lay the groundwork for its nuclear power program, Meralco is assessing how nuclear can best contribute to our long-term strategy,” Meralco chairman and chief executive Manuel Pangilinan said.
Under the agreement, the three entities will explore training programs, employee exchanges and knowledge-sharing initiatives to develop technical competency and long-term operational readiness.
The collaboration also covers early-stage project development, including public acceptance initiatives, project planning and site selection studies to evaluate the feasibility of potential nuclear power projects.
“Partnering with KHNP and KEXIM gives us access to proven global expertise and enables us to study technology, business models and financing options with greater depth. This MOU marks an early but consequential step in this important process,” Pangilinan said.
Meralco, KHNP and KEXIM will further collaborate on business and financial modeling for future developments. KEXIM plans to explore potential financing structures and credit facilities for Meralco projects involving KHNP and other Korean enterprises.
The move comes as the Philippines seeks to diversify its energy mix to meet rising demand. While specific costs for future plants were not disclosed, Meralco continues to evaluate the financial viability of integrating nuclear power into its grid.
