Meralco seals Korean deal for nuke push

The Manila Electric Company (Meralco), the country’s largest power distributor, has sealed a new partnership with Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM) to support its nuclear power development. 

The company said Monday that it signed a Memorandum of Understanding (MOU) with the Korean firms to support its Nuclear Energy Strategic Transition program.

Under the MOU, the three parties will collaborate on reactor design and engineering, exchange technical and regulatory information, and strengthen local nuclear legal and institutional frameworks.

The agreement also covers training programs, employee exchanges, and knowledge-sharing initiatives to build local technical capability and support long-term operational readiness.

Early-stage project development—including public acceptance initiatives, project planning, and site selection studies—will also be explored.

“Nuclear energy is a way to diversify our portfolio and reinforce energy security, while offering a degree of insulation from fuel market fluctuations. Complementary to the Philippine government's efforts to lay the groundwork for its nuclear power program, Meralco is assessing how nuclear can best contribute to our long-term strategy,” Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan said.

“Partnering with KHNP and KEXIM gives us access to proven global expertise and enables us to study technology, business models, and financing options with greater depth. This MOU marks an early but consequential step in this important process,” he added.  

Meralco, KHNP, and KEXIM will coordinate on business and financial modeling for future nuclear projects, with KEXIM reviewing potential financing structures and credit facilities for ventures involving KHNP and other Korean enterprises.

KHNP, a subsidiary of Korea Electric Power Corp., is Korea’s largest power generation company, while KEXIM is the state-owned export credit agency and financing arm.