Aboitiz cites ‘uncertainties’ in building PH’s nuclear dream
While the Aboitiz Group has already begun talks with developers, the conglomerate giant is taking its time in deploying nuclear energy in the Philippines as the government push remained wrapped in “uncertainties.”
Just like tycoon Manuel V. Pangilinan, AboitizPower chief corporate services officer Carlos Aboitiz said the country would not realize nuclear energy this decade as it remained “very new.”
He said that while the technology promised “reliable and sustainable energy,” it was a long-term plan that may arrive “at the very best, [by] late 2030.”
“There’s a lot of uncertainties here. So we have to continue monitoring it,” the Aboitiz official said at a roundtable discussion on Tuesday.
“It’s definitely not going to happen in the 2020s,” he said.
President Marcos wants nuclear energy to be part of the power mix by 2032. Pangilinan, who leads Manila Electric Co., meanwhile, hopes to deploy small-scale reactors in eight to 10 years.
Aboitiz also took note of the challenges in investing in conventional nuclear, especially with the amount it would entail to build one and the obstacles in obtaining “social acceptance,” as with the Bataan Nuclear Power Plant (BNPP), which faced corruption and safety concerns during the term of the current president’s father.
But Aboitiz maintained the conglomerate giant was still keen on pursuing its nuclear energy bid.
“We have to start investing now for that. So, yeah, we support nuclear development. But we have to be very responsible about it. We have to have a long time horizon for it. And we should support it regulatorily and politically,” he added.
He said they were currently in talks with “different OEMs (original equipment manufacturers)” for the technology. He did not disclose the names of the companies.
Late in 2023, AboitizPower bared plans to touch base with US-based NuScale Power Corp. and Ultra Safe Nuclear Corp., both of which are involved in developing modular reactors. As opposed to conventional plants, these reactors—which could be as small as a bus—may easily be built in areas far from the main grid.
“Having early conversations and continuously learning with OEMs is important. But, again, we’re a long way off from actual projects,” the executive said.
Asked if the group would be interested in the possible revival of the BNPP, Aboitiz said they would “evaluate it.”
“It really will depend on the specifics of that opportunity, whether it makes sense or not. So, maybe, maybe not. I mean, ultimately, all options are [on] the table. And let the best projects, let the best options win,” he said.
