The Manila Electric Company (Meralco) has signed a Memorandum of Understanding with Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM) to strengthen cooperation on developing nuclear energy in the Philippines.
KHNP, a subsidiary of Korea Electric Power Corporation (KEPCO), is South Korea’s largest power generation company. KEXIM is the country’s state-owned export credit agency that provides financing support.
Under the agreement, the three groups will work together to support Meralco’s Nuclear Energy Strategic Transition (NEST) program. Planned cooperation includes discussions on reactor design and engineering, sharing technical and regulatory information, and helping improve the Philippines’ nuclear laws and institutions.
They will also explore training programs, employee exchanges, and other knowledge-sharing activities to build local expertise for possible nuclear power operations.
The partnership will study early project development activities such as public acceptance programs, project planning, and site selection to assess the feasibility of nuclear power projects.
In addition, the parties will collaborate on business and financial models for potential nuclear projects. KEXIM will examine possible financing options and credit facilities for future projects involving KHNP and other Korean companies.
Meralco chairman and CEO Manuel V. Pangilinan said nuclear energy could help diversify the company’s power portfolio and strengthen energy security while reducing exposure to fuel price fluctuations. He said the partnership will allow Meralco to study nuclear technology, business models, and financing options as part of its long-term strategy.
