The Department of Energy said it will utilize all the available technology, including nuclear power, to diversify the country’s energy mix to ensure the economy can sustain long-term growth.

Speaking to members of the press and the Makati Business Club on Monday, Energy Secretary Raphael Perpetuo Lotilla said building a stable power system will help keep the economy afloat even amid rising geopolitical tensions and climate change that may prompt supply constraints.

“We cannot simply depend on one or several sources of energy. Diversification is key. At this point, we really are not certain which technology will be maturing in a faster way or will be there when we need it,” Lotilla said.

Nuclear power

“So right now, we need all the sources of power that we have. We should be open even to nuclear power,” he said.

The DoE, in November 2022 issued Circular No. 2022-11-0034 to amend the implementing rules and regulations of the Renewable Energy Act to allow foreign investors to conduct exploration, development, and utilization of renewable energy sources.

Game-changing

For MBC chairman Edgar O. Chua, Lotilla’s move to open the country’s renewable energy to full foreign ownership was “game-changing” in helping the country achieve its targets.

Based on the latest government data, coal and oil still take up the bulk of the country’s energy mix at 37 percent and 35 percent, respectively.

Under the updated Philippine Energy Development Plan, the government is now gunning to increase the share of renewable energy in the country’s total energy mix to 35 percent by 2030 and 50 percent by 2040.

Last year, renewable energy only took up 22.8 percent of the total mix.