💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Philippine energy chief says to draft plan for nuclear programme

Published 10/30/2019, 03:05 PM
Updated 10/30/2019, 03:08 PM
Philippine energy chief says to draft plan for nuclear programme

MANILA, Oct 30 (Reuters) - The Philippines will prepare a
detailed plan for the International Atomic Energy Agency (IAEA)
on how it could embark on a nuclear power programme, its energy
chief said on Wednesday, backing a push for the country to tap
nuclear energy.
"We are set to meet with the IAEA next month to discuss
further collaboration efforts," Energy Secretary Alfonso Cusi
said, after receiving an IAEA review report on the
infrastructure the country would need for a nuclear programme.
"This is the beginning of a new phase of work because we
have to prepare now our plan of action and we are going to
present it to them, to IAEA, and they are going to audit us,"
Cusi said.
The Department of Energy has been studying the use of
nuclear power, a divisive issue in the Philippines due to safety
concerns. It has drafted an executive order, which is awaiting
President Rodrigo Duterte's signature, outlining a national
policy to support its plan.
Duterte has said safety will be his top consideration in
deciding whether the country will pursue nuclear energy.
Cusi said Duterte "wants to learn more" about nuclear
energy.
Nuclear power is seen as a potential answer to the
Philippines' twin problems of precarious supply and the high
cost of electricity, although Cusi said other options were also
being considered.
"We are looking at all sources of energy. We're studying
hydrogen," he said. "We are hungry for power and we will tap any
sources that would satisfy our own needs now."
Supporters of Cusi's nuclear energy push say that because
the fuel cost is lower, electricity rates will drop. But those
against it cite a reliance on imported uranium, high waste
disposal and decomissioning costs, as well as safety issues.
If it decides to tap nuclear energy, the Philippines could
either build new facilities or rehabilitate its Bataan Nuclear
Power Plant, built in the 1980s but mothballed after a change in
the country's leadership and the devastating Chernobyl disaster.
Cusi said the government is also looking at deploying small
modular nuclear plants to some of the country's islands still
suffering from power shortage.
The government recently signed a memorandum of understanding
with Russian state atomic company Rosatom involving a
pre-feasibility study for such plants, he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.