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Wednesday, May 22, 2024

Marcos eyes completion of requirements for PH nuclear energy project

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President Marcos on Friday (Manila time) said he is hoping the government would finish all legal requirements for the planned nuclear energy investment in the Philippines by American firm Ultra Safe Nuclear Corp. (USNC).

During a meeting with USNC executives led by CEO Francesco Venmeri in Washington, D.C., Philippine officials updated the President on ongoing legislative measures to provide the legal framework for USNC’s investment and operation in the Philippines.

Energy Secretary Raphael Lotilla informed the President that the House of Representatives has already passed the regulatory framework, while legislation on limitation of liability is advancing in the lower chamber.

“You’re done already in the House. Okay. So, that the elements that need to be there, the provisions that need to be (included), we can do in the Senate and then there’s one of course, is the bicam down the road. So, that would be the process on the – from the government side,” Mr. Marcos said.

The meeting follows initial discussions between the President and USNC at Blair House in May last year, culminating in the signing of a Memorandum of Understanding during the Asia-Pacific Economic Cooperation summit in San Francisco in November 2023. USNC also participated in the US Presidential Trade and Investment Mission in March 2024.

The agreement involves a pre-feasibility study to introduce Micro Modular Reactor (MMR) systems to Meralco and explore their potential in the Philippines. Based on the findings, Meralco may pursue a detailed feasibility study for MMR energy system adoption and deployment.

The Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy, or the 123 Agreement, was signed by the Philippine and US governments on Nov. 16, 2023, in San Francisco, California.

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