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

Philippines takes 'major step' toward using nuclear power

Published 07/29/2020, 04:14 PM
Updated 07/29/2020, 04:20 PM

By Enrico Dela Cruz
MANILA, July 29 (Reuters) - The Philippines has taken a big
step towards tapping nuclear power, its energy minister said on
Wednesday, after President Rodrigo Duterte created an
inter-agency panel to study the adoption of a national nuclear
energy policy.
As power demand soars in what has for years been among the
world's fastest-growing economies, Energy Secretary Alfonso Cusi
has been passionately advocating use of nuclear power, despite
public concern over safety in a country hit frequently by
natural disasters.
Nuclear power is seen as a potential answer to the
Philippines' twin problems of precarious supply and Southeast
Asia's highest electricity costs, but Duterte has yet to express
full support for Cusi's proposal.
In a July 24 executive order and made public on Wednesday,
however, Duterte created a committee to conduct the study,
indicating openness to reviving the country's nuclear energy
ambitions.
The Philippines spent $2.3 billion to build what was
Southeast Asia's only nuclear power facility, but never used it
https://reut.rs/39NyZcR.
The 621-megawatt Bataan Nuclear Power Plant was completed in
1984 but mothballed following the devastating Chernobyl disaster
and the collapse of the dictatorship of Ferdinand Marcos, who
ordered its construction.
Cusi welcomed Duterte's move as "a major step towards the
realisation of a Philippine nuclear energy programme" that would
"help shield our consumers from traditional power price
volatilities".
The committee will assess the feasibility of adding nuclear
to the Philippines' power mix, taking into account economic,
security and environmental implications.
If it goes ahead, it could either build new facilities or
rehabilitate the Bataan plant. Previous attempts to pursue
nuclear energy have failed due to safety concerns and its
association with Marcos and his brutal martial law era.
Despite having no nuclear policy, however, the Philippines
has been in talks with Russian state atomic company Rosatom
about a feasibility study for deploying small nuclear plants in
far-flung areas.

(Editing by Martin Petty)

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.