Manila Electric Company, the country's largest electricity distribution utility firm, is looking for additional funding to bankroll a feasibility study for the development of nuclear energy as a viable power source.

During a chance interview last week, Meralco president and chief executive officer Atty. Ray Espinosa affirmed the company's interest in using nuclear power, particularly small modular reactors or SMRs, in the future.

Espinosa bared that Meralco is processing its application for a United States Trade and Development Agency grant to fund the proposed study.

Meralco has been openly discussing its interest in utilizing if nuclear power, despite being a highly politicized issue, to ramp up supply in the country, especially during summer months when demands are historically higher.

In May, during the company's annual stockholders meeting, Espinosa said reviving the mothballed BNPP, which was built during the time of the late Ferdinand E. Marcos, could help generate power at a cheaper cost.

BNPP in focus
"Meralco will favorably consider contracting reasonably and competitively priced supply from generation companies, including the BNPP if it becomes operational," Espinosa said.

However, Espinosa pointed out that running the BNPP and other nuclear power plants would need a high level of competency.

"(We) may not have the internal competencies to operate and maintain the BNPP," he said.

In 1976, Marcos Sr. ordered the construction of the $2.3-billion BNPP but it was shelved after three years due to safety concerns. South Korea has offered to rehabilitate and redevelop the BNPP for $1.1 billion within the next five years.

The government has been exploring nuclear power as a viable energy source in line with the global push to reduce fossil fuel use due to its hazardous carbon emissions.

Engaging in nuclear technology calls for the assistance and mentorship of countries that already have knowledge about nuclear energy such as China, Russia, Korea and France.

On 28 February, then-President Rodrigo Duterte signed Executive Order 164 entitled, "Adopting a National Position for a Nuclear Energy Program and Other Purposes."