The Market Monitor Minding the Nation's Business
The Manila Electric Co (MERALCO) and South Korea’s Doosan Enerbility Co. Ltd. will explore strategic collaborations on developing, low carbon energy projects in the Philippines, including nuclear power.
This was finalized afterthe two groups signed a memorandum of understanding (MOU) in line with their respective commitments to drive innovation and sustainability in the energy industry.
Based on the MOU, the partnership will focus on several key initiatives such as the potential deployment of nuclear power facilities in the country, including the rehabilitation of the Bataan Nuclear Power Plant (BNPP). They will also study the use of small modular reactors (SMRs) to help meet the country’s growing power demand and achieve long-term energy security
Meralco Chairman and Chief Executive Manuel Pangilinan, who led the signing of the MOUS, said that Meralco has been committed to proactively supporting the Philippine government’s thrust to achieve energy security which is crucial to the country’s national development.
“Partnering with reputable and dependable companies like Doosan aligns well with our pursuit to continuously explore innovative energy solutions that we can adopt as we work towards ensuring the availability of sufficient, affordable, and reliable power to meet our country’s long-term goals,”Pangilinan said.
Meralco and Doosan will work together on the possible deployment of greenhouse gas reduction equipment such as ammonia co-firing technology to help reduce carbon emissions of aging thermal power plants.
The MOU also covers the possible development and supply of gas turbines for combined cycle power projects of Meralco’s subsidiaries, with Doosan to serve as the engineering, procurement, and construction (EPC) contractor for these projects.
For his part, Doosan Enerbility Vice Chairman Yeonin Jung said the partnership with Meralco marks a significant milestone in advancing energy innovation and sustainability in the Philippines.
“By working together on transformative projects, this collaboration will contribute to the modernization of the country’s energy infrastructure and help ensure a stable and long-term supply of clean, reliable power. We are committed to being a strong and dependable partner to the Philippine power sector, supporting its continued growth and development,” Jung said.