Meralco advances nuclear push, partners with Korea companies

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March 10, 2026 | 12:00am

MANILA, Philippines — Utility giant Manila Electric Co. (Meralco) is ramping up its push into nuclear energy, formalizing key partnerships with Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM).

Meralco recently signed a memorandum of understanding (MOU) with KHNP and KEXIM to support the Philippines’ goal of delivering the first kilowatt-hours of nuclear power by 2032.

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

“Nuclear energy is a way to diversify our portfolio and reinforce energy security, while offering a degree of insulation from fuel market fluctuations,” Meralco chairman and CEO Manuel V. Pangilinan said.

He said the country’s largest power utility is now assessing how nuclear energy could best contribute to its long-term strategy.

Under the partnership, Meralco will work with the Korean firms to advance potential early-stage project development, including public acceptance initiatives, planning and site selection studies.

These initiatives are deemed critical in evaluating the feasibility of building nuclear projects in the Philippines.

The partners will coordinate closely on business and financial modeling, with KEXIM exploring potential funding and credit facilities to support Meralco’s prospective projects.

To strengthen local talent, the three companies also plan to conduct training programs, employee exchanges and other knowledge-sharing initiatives.

“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,” Pangilinan said.

Last month, Meralco secured a $2.7-million grant from the United States Trade and Development Agency to fund the feasibility study on the potential deployment of small modular reactors.

SMRs are advanced nuclear reactors capable of generating up to 300 megawatts of electricity or about one-third of conventional nuclear plants’ capacity, according to the International Atomic Energy Agency.