By Benjamin Cuaresma
MANILA — First Gen Corp. is preparing for what it believes will be the next major chapter in the country’s energy transition, signaling its readiness to invest in nuclear power as the Philippine government moves closer to introducing commercial atomic energy by 2038.
The Lopez-led power producer said it is actively studying nuclear technology, particularly Small Modular Reactors (SMRs), as part of its long-term strategy to meet the country’s rising electricity demand while supporting the shift to cleaner energy sources.
Speaking during a forum hosted by the Philippine Institute for Development Studies (PIDS), First Gen Vice President and Head of Strategy and Planning Jay Joel L. Soriano said nuclear power can no longer be ignored.
“We’ve looked at nuclear as well. It’s almost unavoidable that we have to consider nuclear within our energy mix,” Soriano said.
SMRs, capable of producing up to 300 megawatts of electricity, are considered a safer and more flexible alternative to conventional nuclear power plants and are increasingly being adopted by countries pursuing low-carbon energy solutions.
The Department of Energy (DOE) is targeting at least 1,200 megawatts of commercially operational nuclear capacity. While the initial goal was 2032, the government is now eyeing 2038 as the target date to allow sufficient time for regulatory preparations and infrastructure development.
The DOE is expected to auction the country’s first nuclear power project in June 2027 under a 10-year delivery program.
Soriano said First Gen is willing to work with global technology partners but stressed that the company wants a clear and commercially viable roadmap before making major investments.
“If we are going to embark on that route, we want some level of certainty that there is a clear path toward commercialization,” he said.
First Gen currently supplies about 20 percent of the country’s renewable energy generation through its geothermal, wind, and solar facilities, with an installed renewable energy capacity of approximately 1,300 megawatts.
While charting its nuclear ambitions, First Gen continues to face internal corporate tensions over its planned investment in Prime Infrastructure Capital Inc.’s pumped storage hydro projects.
The Lopez family’s majority bloc again questioned the company’s decision to reduce its planned ownership in Prime Hydropower Energy Inc. from 40 percent to 33 percent, arguing that the change had no formal board authorization.
The criticism followed statements from First Gen’s independent directors insisting the revised transaction had received unanimous board approval after careful and objective evaluation.
Originally valued at P75 billion for a 40-percent stake, the investment was later reduced to P62 billion for a 33-percent share.
The deal covers the 600-megawatt Wawa Pumped Storage Hydro Project in Rizal and the 1,400-megawatt Pakil Pumped Storage Hydro Project in Laguna.
The Lopez majority bloc argued that reducing the company’s ownership weakens its influence while maintaining substantial financial exposure, and urged regulators to examine the transaction, citing concerns over governance, delayed disclosures, and contractual provisions that could affect affiliated companies.
As of Wednesday, First Gen had yet to issue a new response to the latest criticisms.
ia/xf
