First Gen weighs nuclear move as Philippines readies grid for atomic power shift

Lopez-led First Gen Corp. is evaluating the commercial viability of small modular nuclear reactors as the country maps out a path to introduce atomic energy into its grid by the next decade. In an interview with First Gen Vice President and Head of Strategy and Planning Jay Soriano sad the company is examining early-stage pilot developments globally to determine if the technology can successfully integrate into its generation portfolio. While First Gen has not finalized any capital commitments for nuclear power, the company is monitoring international markets to identify developers capable of scaling the technology profitably. “We are particularly interested in finding an organization or a company that has been able to make it commercially viable,” Soriano said on Wednesday, June 24. He noted that the company has held preliminary discussions with partners in the United States (US) but remains open to other global technology suppliers. “We haven't been biased toward a particular country. It’s more of the technology that we are looking at, in particular small modular reactors.” The exploratory move comes as the Philippines seeks new and stable baseload power sources to sustain rapid economic growth and insulate the country from volatile global fossil fuel markets. Although First Gen relies heavily on natural gas and geothermal energy, the company views the integration of nuclear power into the national grid as a highly probable long-term outcome. “If we are going to embark on that route, we want some level of certainty that there is a clear path toward execution and a clear path toward commercialization,” Soriano said. Small modular reactors (SMRs) typically produce about 300 megawatts of electricity. Proponents favor them over traditional, large-scale nuclear facilities because they require lower upfront capital deployment and carry significantly fewer construction risks. According to the International Atomic Energy Agency, prolonged delays in...