Philippines Seeks to Have Nuclear Plants in Operation by 2032

(Bloomberg) -- The Philippines aims to have its first nuclear power plant by 2032, joining Asian counterparts in turning to the emissions-free power source for its booming electricity needs.

The government will prioritize legislation focused on nuclear safety, and ensure that legal and regulatory frameworks are in place to safeguard public health, environmental protection and national security, the Department of Energy said in a release on Wednesday. It will also work to establish an independent nuclear regulatory authority to oversee the development of the program.

The Philippines will seek to have at least 1,200 megawatts of commercially operational nuclear capacity by 2032, rising to 4,800 megawatts by 2050, said Sharon Garin, the energy department’s undersecretary. That compares with the nation’s total energy capacity of about 28,400 megawatts at the end of 2022, according to BloombergNEF data.  

Nuclear power is being considered across emerging markets for round-the-clock generation to meet rapidly rising power demand and reduce dependence on fossil fuels. Vietnam and Indonesia are also considering its adoption, while the US is also looking to restart shuttered facilities. 

Having a reactor operating by 2032 is still an ambitious goal for the Philippines. Five reactors were connected to the grid for the first time in 2023, and the mean construction time was a little under 10 years, according to the World Nuclear Association.

It won’t be the Philippines’ first crack at nuclear — the archipelago’s options include reviving a plant on its western coast that has sat idle for nearly four decades, costing billions of dollars and never producing a watt of electricity.

©2024 Bloomberg L.P.