AboitizPower Explores Nuclear Energy Venture with Korean Firm

MANILA, Philippines — Aboitiz Power Corp. is now looking at nuclear energy generation as a potential strategic opportunity after entering into a partnership with Korea Hydro & Nuclear Power Co. Ltd. (KHNP). The country’s leading power producer recently signed a memorandum of understanding (MOU) with the Korean firm to explore nuclear energy technologies and assess their potential viability in the Philippines. Under the MOU, the two companies will undertake joint pre-feasibility studies, share information and pursue capacity-building initiatives related to nuclear technologies. The exploratory and non-exclusive agreement does not impose binding obligations on either party. “This MOU marks a meaningful step in AboitizPower’s efforts to understand nuclear energy’s potential contribution to the Philippines’ energy security and reliable baseload capacity,” AboitizPower chief corporate services officer Carlos Ramon Aboitiz said. Given the complexity of the technology and the stringent requirements involved, Aboitiz said nuclear energy generation must be grounded in rigorous technical assessments and strong regulatory oversight. “We see significant value in learning from KHNP’s decades of experience and we look forward to working alongside the Department of Energy (DOE) to responsibly assess nuclear energy’s role in the country’s energy future,” he added. For his part, KHNP senior executive vice president Il-kyung Choi said the South Korean firm is committed to working closely with AboitizPower in supporting the Philippines’ energy transition. KHNP is South Korea’s largest electric power generation company, accounting for around 32.76 percent of the East Asian country’s total electricity. South Korea currently operates a nuclear plant that is an exact twin of the Philippines’ Bataan Nuclear Power Plant, which was completed in 1984 but was never activated due to safety and political issues. In the Philippines, the government initially targeted the deployment of at least 1,200 megawatts of commercially operational nuclear capacity by 2032. The DOE, however, noted that the timeline could be delayed until 2035. For Energy Secretary Sharon Garin, the country’s transition toward a secure, clean and reliable energy future cannot be achieved through government efforts alone. “It requires strong public-private coordination and the exchange of best practices across borders with experienced industry leaders such as KHNP,” added Garin, who was present at the MOU signing between AboitizPower and KHNP. This development reflects the Philippines' ongoing efforts to diversify its energy mix and seek more stable power sources, especially amidst global energy market volatility and climate change concerns. It represents an attempt to re-evaluate the role of nuclear power as a sustainable energy source, potentially overcoming past concerns regarding its utilization.