TUGUEGARAO CITY, Philippines- The Department of Energy (DOE) has discussed with a South Korean firm to look into the possibility of establishing a small 100-megawatt modular reactor in the Cagayan Economic Zone Authority (CEZA).
In a press release, DOE said Secretary Alfonso Cusi, Undersecretary Donato Marcos, and Assistant Secretary Gerardo Erguiza Jr met with officials of Korea Hydro and Nuclear Power (KHNP) led by its President and CEO Chung Jae Hoon on Tuesday, June 5.
DOE said the possibility of conducting a feasibility study for the project and other energy cooperation endeavors were discussed by the agency and the South Korean firm.
Small modular reactors (SMRs) are a type of nuclear fission reactor. Modular reactors “allow for less on-site construction [of power plants], increased containment efficiency, and heightened nuclear materials security,” experts said.
Meanwhile in another release, Cusi said on Thursday, June 7, four other Korean firms expressed their intention to invest a total of $4.4 billion (USD) in various energy projects in the Philippines.
DOE said the firms are SK Engineering & Construction, Sy Enc Co., Ltd., BKS Energy Industry Ltd., and SK E&S.
The four firms have formally submitted their letters of intent during the Philippines-Korea Business Forum and Luncheon. This is part of the activities included in President Rodrigo Duterte’s official visit to South Korea, DOE added.
“We welcome these investments, especially as we anticipate the growth of our economy and expected demand due to the government’s Build Build Build Program,” Cusi said as stated in the release.
SK Engineering & Construction, an EPC contractor in the Philippines, plans to put up a coal-fired power plant to expand their operations. This project is worth more than $2 billion USD in Quezon province.
DOE said an EPC contractor “normally handles all activities from design, procurement, construction, [and] commissioning up to the handover of the project to the end-user or owner.”
“The power project in Quezon is expected to create at least 3,000 jobs per year during the construction period, and a total of 600 jobs per year during its operations,” DOE added.
On the other hand, Sy Enc Co., a renewable energy firm, proposes a wind power generation project.
This will expand the company’s operations to over $255 million USD in the Philippines and is projected to generate 10,000 jobs.
Meanwhile, a solar power generation is proposed by BKS Energy Industry Ltd. The firm is looking at investing USD 500 million in the Philippines, which is projected to generate more or less 1,000 jobs per year, DOE said.
Likewise, an LNG terminal hub is proposed by SK E&S. The firm which engages in the business of power generation, district energy, and city gas in both Korea and overseas, is planning to invest $1.6 billion USD on the project which is estimated to give 2,200 jobs during the construction period, the agency said.
“We are expecting more Korean firms to express their interest in investing in Philippine energy projects. We are hoping that this will result in a more robust energy sector for the country, help our job generation efforts and boost our economy,” Cusi added in the release. Northernforum.net