The Department of Energy (DOE) is moving forward with plans to hold the Philippines' first nuclear energy auction, according to a report by Philstar Biz. The auction is a key step in the government's strategy to introduce nuclear power into the country's energy mix and reduce reliance on fossil fuels.
The DOE is currently developing the regulatory framework that will govern the auction process. This includes setting guidelines for bidder qualifications, safety standards, and technology requirements. The auction is expected to attract both local and international investors interested in building the Philippines' first commercial nuclear power plant.
The government targets to have the nuclear facility operational by 2032. The move comes amid growing energy demand and concerns over energy security. Nuclear power is seen as a stable and low-carbon source that could complement renewable energy in the country's power generation portfolio.