The Department of Energy (DOE) is urging Congress to pass a bill establishing a regulatory framework for nuclear power, despite time constraints.
During a Palace briefing, Secretary Raphael Lotilla said the House of Representatives has approved the bill on its third and final reading, while the measure is still under deliberation in the Senate.
“We are optimistic that the Senate will be able to move it forward and therefore be able to come up with legislation during this Congress,” said Lotilla.
He added, “We’ll take it from there because we are strongest when both the executive and the legislature speak with one voice.”
The energy chief acknowledged that lawmakers are working quickly, conducting committee hearings and engaging in further discussions to advance the bill.
When asked about nuclear energy’s potential to reduce power costs, Lotilla explained that a definitive answer was difficult to provide.
He, however, said that nuclear plants typically have longer lifespans than other power plants. This allows costs to be spread out over time, making them more economical in the long run.
The secretary also revealed that the DOE has asked the Maharlika Investment Corp. (MIC) to explore financing options for nuclear power, as suggested by President Ferdinand Marcos Jr.
“The financial analysis can be effectively undertaken by the Maharlika Investment Fund so that the government can gain a clearer understanding of financing costs and returns,” according to him.
Lotilla emphasized that the President is not focused on a specific company or group but aims to stay informed about advancements from various players in the sector.
Under the Electric Power Industry Reform Act, or Republic Act No. 9136, electricity generation is limited to private sector participation.
The DOE said the government is open to partnering with private companies to bring nuclear power to the country.
“It’s not even the government, then we will have to work with the private sector [to] bring in nuclear power,” said Lotilla.IMT
