NUCLEAR energy stakeholders and experts have embarked on discussions on infrastructure development and financing strategies for potential nuclear power projects, the Department of Energy (DOE) said over the weekend.
Experts from the International Atomic Energy Agency (IAEA), private sector representatives and concerned government agencies gathered in Manila last week for the National Workshop on Nuclear Power Infrastructure and Financing through the initiative of the DOE-led Nuclear Energy Program Inter-Agency Committee (NEP-IAC).
The committee said financing nuclear energy projects presents a unique set of challenges and opportunities, as nations increasingly seek reliable, low-carbon power sources to meet growing energy demands and climate goals.
High upfront capital costs, long development timelines, and complex regulatory environments are among the issues that could present a challenge to securing investment for nuclear energy development, it added.
According to IAEA energy economist Brianna Lazerwitz, there are 416 nuclear power reactors currently in operation worldwide, and 63 more under construction. These can be found in 31 countries.
Nuclear energy is expanding in 17 countries, while at least 32 more countries are considered newcomers in the nuclear technology field.
‘For the fifth year in a row, IAEA global nuclear electric capacity projections for 2050 have been revised upwards,’ Lazerwitz said.
‘In the high case scenario, nuclear electric capacity is set to rise by 160 percent or 992 gigawatts [GW], up from 377 GW at the end of 2024. Even in the low case, capacity is expected to grow by 50 percent to 561 GW globally,’ she added.
The IAEA expert said that while various financing models exist such as lending or borrowing money, strong involvement of the government is essential, particularly with respect to financing structure and risk management.
Aside from Lazerwitz, IAEA experts who led discussions were former Bulgarian energy and economic minister Milko Kovachev, GNE Advisory lawyer Chelsea Gunter, and radioactive waste specialist Ozge Unver.
DOE Undersecretary Giovanni Carlo J. Bacordo said the workshop will help chart a clearer pathway forward. ‘As the first financing workshop with the IAEA, this marks another important step in our country’s 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,’ said Bacordo.
During the workshop led by NEP-IAC’s Subcommittee 1, participants also discussed the nuclear perspectives for the Philippines, regulatory framework, institutional roles of the regulator and operator, large reactors and small modular reactors, and financing and ownership models of nuclear power plants.
The Philippines recently signed into law Republic Act No. 12305 or the Philippine National Nuclear Energy Safety Act, which provides for a comprehensive and strong legal basis for the country’s nuclear energy program.
The law establishes the Philippine Atomic Energy Regulatory Authority or PhilATOM to serve as a quasi-judicial body with exclusive jurisdiction over nuclear energy regulation.