MANILA, Philippines — The Philippines and South Korea have signed a memorandum of understanding to conduct a feasibility study of the Bataan Nuclear Power Plant (BNPP).
The memorandum was signed on Monday, October 7, between the Department of Energy and Korea Hydro & Nuclear Power Co. Ltd. during the visit of South Korean President Yoon Suk Yeol to Malacañang Palace,
The study aims to continue the rehabilitation of the 40-year-old non-commissioned power plant, as well as explore other nuclear technologies and potential alternative sites for nuclear energy development.
“This will carry out a thorough feasibility study to continue progress on the BNPP Rehabilitation, which we envision to contribute to energy security in the country,” President Ferdinand Marcos Jr. said in a speech.
In February 2023, the firm Korea Hydro & Nuclear Power Co. Ltd. released a feasibility study that suggested that it would take an estimated five years to bring Bataan into commercial operation.
Aside from the memorandum of understanding, the Philippines and South Korea also signed six agreements covering various sectors during their bilateral meeting at Malacañang Palace.
These agreements pertain to economic cooperation, maritime security, tourism and infrastructure.
Bataan Nuclear Power Plant
The Bataan Nuclear Power Plant was built in response to the oil crisis of the 1970s, which forced the Philippines to ration fuel products.
Construction of the plant began in July 1976 and was completed in 1984 at a cost of $1.9 billion, according to the World Nuclear Association.
However, due to financial issues and safety concerns regarding earthquakes, former President Corazon Aquino decided not to fuel nor operate the facility.
In light of rising electricity prices between 2014 and 2016, the Department of Energy has explored the possibility of reviving the power plant with assistance from South Korea looking into the development of a new nuclear plant utilizing small modular reactor technology.
In 2023, the agency released an updated priority list indicating plans to study the integration of nuclear power into the energy mix by developing small modular reactor technology.