Metro Manila (CNN Philippines, May 2) — President Ferdinand Marcos Jr.’s target to bring nuclear power to the country might be soon realized as a leading nuclear energy firm in the US expressed interest to invest more than $6 billion in the Philippines.
Malacañang on Tuesday said during a meeting with Philippine government officials in Washington, Oregon-based NuScale Power Corporation disclosed that the company is looking to launch a study to locate a potential site in the country.
Marcos said that NuScale’s expertise in providing nuclear power systems could help address the local market’s “shortfall in power supply.”
“We need everything. We just have to have everything and this new technology is something,” the Malacañang statement read, quoting Marcos.
Clayton Scott, NuScale executive vice president for business, likewise showed optimism that the firm can “perform as expected.”
Scott said NuScale can offer its small modular reactor (SMR) technology, which secured design approval from the US Nuclear Regulatory Commission.
The company—which has a presence in Utah, Romania, Indonesia, and Poland—targets to shell out $6.5 billion to $7.5 billion, hoping to deliver 430 megawatts of power to the Philippines by 2031.
Even before winning the May 2022 polls, Marcos said the Philippines should have at least one nuclear power plant so the market can turn to cheap energy, subsequently cutting electricity rates.
