Energy department moves to develop financing models to support nuclear power integration

THE Department of Energy (DoE) said it is stepping up efforts to identify financing models that could support the Philippines’ entry into nuclear power, as the government seeks to balance energy security, climate goals, and investor risk.

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“This marks another important step in our continuing efforts to explore the potential of nuclear power as a viable option in achieving energy security, economic development, and a sustainable future for the Philippines,” Energy Undersecretary Giovanni Carlo J. Bacordo said in a statement on Sunday.

The DoE said discussions with experts from the International Atomic Energy Agency (IAEA), private sector representatives, and government agencies were held from Oct. 20 to 24 in Manila under a national workshop on nuclear power infrastructure and financing. The event was organized by the Nuclear Energy Program Inter-Agency Committee (NEP-IAC) led by the DoE — the first such financing workshop conducted with the IAEA.

Mr. Bacordo said the Philippines is “taking a leap forward with discussions on financing like public-private partnerships, green financing, and other viable models that could help shape the future of nuclear energy for the Filipinos.”