The two nuclear agreements sealed in the United States during the trip of President Marcos constitute a significant stride towards providing Filipinos with cheaper, cleaner, and sustainable electricity, Speaker Martin Romualdez said.
Mr. Marcos witnessed Wednesday (US time) the signing of a groundbreaking cooperative agreement between Meralco and Ultra Safe Nuclear Corporation (USNC) in San Francisco to pave the way for the deployment of Micro-Modular Reactors (MMRs) in the Philippines.
The country is also set to sign with the US government the 123 Nuclear Agreement or the “peaceful nuclear cooperation agreement” during the sidelines of the Asia Pacific Economic Cooperation Summit that Mr. Marcos is participating in.
“The partnership between Meralco and USNC is a game-changer for the Philippines’ energy landscape. Micro-Modular Reactors represent a paradigm shift in delivering cheap, safe, reliable, and scalable nuclear energy,” Romualdez said.
“This initiative aligns with our President’s commitment to diversify our energy sources to fuel economic growth and at the same time address the challenges of climate change,” he added.
In his second State of the Nation Address in July, President Marcos said it is time to re-examine nuclear energy to attract more investors and ensure enough power supply, noting that cheap and reliable energy is a vital requirement for economic growth.
The cooperative agreement between Meralco and USNC will facilitate a comprehensive pre-feasibility study to assess the potential for deploying MMRs in the Philippines.
Scheduled for completion by the end of the second quarter of 2024, the study will evaluate environmental and social impacts, capital expenditure, and operational costs.
The President said the Meralco-USNC partnership “is a testament to our commitment to building a more sustainable future for our people,” adding that the energy sector is the cornerstone of the Philippines’ industrial growth and development.
Romualdez said the 123 Nuclear Agreement between the Philippines and the United States also marks a significant milestone in fostering a strategic partnership to enhance the country’s energy capabilities.