Amendments to existing energy related policies, apart from enacting foundational laws, are needed to jump-start the country’s initial investment in nuclear energy, according to a local power generation firm.
Felino Bernardo, Aboitiz Power Thermal Business Group chief operating officer, said among the policies which may need to be reviewed to attract nuclear energy investments is the allowed maximum length for power supply contracts.
“The current CSP (competitive selection process) policies are only for 15 years. Now, nuclear power plants can live as long as 40, 60 years and some probably 80, so you have to match the two. There’s a dissonance between the current policies and what nuclear can do,” Bernardo said during a virtual forum on nuclear energy hosted by the APEC Business Advisory Council yesterday.
However, Bernardo also noted the importance of setting up a regulatory body for nuclear energy as well as building its capability and crafting regulations, policies and guidelines for developers to follow.
“The DOE (Department of Energy) has to put it in their policy, the energy mix of the Philippines and come up with the right signal for developers to come up with their own plans to make sure that we build accordingly,” Bernardo said.
Aboitiz Power also said local developers must be open to explore available technologies, noting that apart from large nuclear plants, small modular reactors and micro modular reactors “have a place in the economy.”
Meanwhile, DOE Secretary Raphael Lotilla said in the same venue that “policy and regulatory reforms are ultimately needed to stimulate investments in nuclear power program.”
The program’s success will be dependent on the support from all stakeholders, including policy makers, regulators, consumers and the general community, added Lotilla.
“As we await on the progress of the regulatory bill currently being pushed in Congress and the finalization of our nuclear energy roadmap, the DOE will continue to participate in discussions, such as this, to enhance our current programs. It is my hope that all our efforts, whether they are domestic or national, regional, or international, will contribute toward ensuring energy security and sustainability in the future,” Lotilla added.