Meralco gets new nuclear deal with South Korean company
Manila Electric Co. (Meralco), led by tycoon Manuel V. Pangilinan, sealed a new deal with a South Korean firm as it continues to scout for global partners to realize its nuclear dream.
In a statement on Tuesday, the power titan said it had signed an agreement with DL Engineering & Construction to explore the deployment of small modular reactors (SMRs) in the Philippines.
Under the pact, both parties would focus on feasibility studies, site assessments and long-term strategic planning.
Meralco reiterated its “strong interest” in SMR, seeing this as suitable for off-grid areas in the Philippines.
SMRs have a capacity of up to 300 megawatts (MW) each, with 1 MW enough to energize up to 1,000 homes.
The group has been sustaining its momentum in this space to make it equipped once the Philippines officially welcomes nuclear energy.
The power giant has secured several partnerships with foreign firms, with Pangilinan hoping to activate nuclear power in “eight to 10 years.”
This was also in line with the government’s target to have 1,200 MW of initial capacity from nuclear energy by 2032.
Meralco also held site visits and strategic dialogues with its existing partners, Korea Hydro and Nuclear Power, Samsung C&T Corp. and LG Energy Solutions, whose Namwon Substation is home to South Korea’s largest battery energy storage system.
Its energy education unit, Meralco Power Academy, is also set to send more nuclear scholars by March next year, following its fresh partnership with KEPCO International Nuclear Graduate School.
“Our strategic engagements in South Korea underscore our commitment to the responsible development of nuclear energy. By partnering with global leaders with deep institutional knowledge, technical expertise and actual experience in operating nuclear facilities, we are building our own capabilities to ensure sustainable and safe adoption of nuclear energy in the Philippines,” Meralco executive vice president and chief operating officer Ronnie Aperocho said.
“The insights and best practices we’ve gained will help us in our thrust to contribute to the development of the energy industry,” he added.
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