Meralco Seeks New Partners for Nuclear Plans

Manila Electric Co. (Meralco) is actively pursuing new partnerships in nuclear energy after its previous agreement with U.S.-based Ultra Safe Nuclear Corporation (USNC) lapsed without renewal, citing financial issues on the part of the American firm.

In a disclosure to the Philippine Stock Exchange, Meralco confirmed it is in talks with several international technology providers to explore nuclear options, including small modular reactors (SMRs) and traditional large-scale nuclear systems.

The utility giant emphasized that nuclear energy remains a key part of its long-term vision for sustainable, stable, and low-carbon power generation in the country.

“Now we’re looking for partners for SMR, and we are talking with a lot of possible partners,” said Meralco Chief Operating Officer Ronnie Aperocho.

“But at the end of the day, that could only progress once the law is passed in the Philippines,” he added, referencing current legal requirements that restrict deployment of unproven nuclear technology.

Under existing Philippine regulations, nuclear technologies must have a track record of at least two years of safe, incident-free operation in their country of origin before they can be installed locally.

This restriction has slowed efforts to adopt newer systems like micro modular reactors, which are still in early deployment phases in many countries.

The expired agreement between Meralco and USNC, originally signed in 2023, was aimed at evaluating the feasibility of deploying micro modular reactor (MMR) energy systems in the Philippines — a compact, scalable form of nuclear technology considered suitable for archipelagic and remote regions.

However, USNC filed for bankruptcy in 2024, halting the collaboration and prompting Meralco to seek alternative partners.

Despite this setback, Meralco is doubling down on its search for viable nuclear partners, particularly those offering SMR technologies that meet the Philippines’ regulatory framework and energy needs.

SMRs are small-scale nuclear reactors designed to be safer, more flexible, and easier to construct than conventional nuclear plants. They are gaining global attention as a cleaner alternative to fossil fuels and as a potential solution for countries with limited grid infrastructure.

Nuclear energy has re-emerged in the Philippines’ energy strategy amid rising electricity demand, volatile fossil fuel prices, and the country’s commitment to decarbonization.

President Ferdinand Marcos Jr. has repeatedly expressed support for nuclear power, and several policy initiatives are underway to update and streamline the legal framework for civilian nuclear energy.

The Department of Energy (DOE) is also drafting a National Nuclear Energy Roadmap, while working with international agencies such as the International Atomic Energy Agency (IAEA) to establish safety and regulatory standards.

As the largest power distributor in the Philippines, Meralco’s entry into the nuclear space signals strong private sector interest in diversifying the country’s energy mix.

Aperocho reiterated the company’s commitment to energy innovation: “We are talking with a lot of possible partners,” he said, indicating that several potential deals are being evaluated.

Meralco is currently focusing on cleaner energy sources to meet its decarbonization goals, which also include expanding investments in renewables, battery storage, and grid modernization.

However, full-scale deployment of nuclear technology will depend on legislative and regulatory reforms, along with public and political consensus on safety and long-term viability.