In the realm of energy production, nuclear power has always been a subject of intense debate. The spotlight now falls on AboitizPower, a key player in the Philippine Energy Sector, as its Head of Energy Transition Projects, Felino Bernardo, shares his insight on this matter. Bernardo's strong stance is clear - nuclear power, while potentially beneficial, must be safe and cost-competitive to be truly viable.
Bernardo firmly asserts that safety is paramount when it comes to nuclear energy. He emphasizes that no compromise can be made on this front, and this factor alone can make or break the prospect of a nuclear power program. Meanwhile, he also underlines that reliability and affordability are equally important in this equation.
The lifespan of a nuclear power plant, which can range from 40 to 60 years, plays a significant role in determining its Levelized Cost of Electricity (LCOE). LCOE is a measure of the average revenue per unit of electricity needed to cover the cost of building and running a power plant over its lifespan.
Bernardo sheds light on the unique economic model of nuclear power, characterized by high capital expenditure (CapEx) and low running costs. However, this is just the tip of the iceberg. The true cost of nuclear power must also factor in external impacts such as environmental effects, health implications, and its role in supporting the increasing share of intermittent power sources in the grid.
He also points out that the cost-effectiveness of a nuclear project heavily relies on whether the construction is completed within the stipulated time and budget. Significant delays coupled with high interest rates can render a nuclear project uneconomic.
In Bernardo’s view, policy will ultimately dictate the energy mix of technologies, achieving a balance between energy security, affordability, and environmental safety. The proposed nuclear regulatory body holds the primary responsibility for ensuring safety.
With the projected annual increase in electricity demand by 6.6% until 2040, nuclear power offers a zero-emissions baseload complement to the growth of variable renewable energy. A capacity of 1,200 megawatts from nuclear power is targeted to join the Philippine power mix by 2032.
Bernardo emphasizes the direct correlation between economic growth and the growth in electricity capacity. As the country aims to sustain its robust economic growth, a sufficient supply to meet the demand for electricity is critical.
Bernardo insists on a "managed transition" to nuclear power, stressing that achieving this balance is a big challenge that requires cooperation from both the public and private sectors.
As the world seeks sustainable energy solutions, nuclear power emerges as a potential game-changer. However, its adoption must be carefully managed, considering both safety concerns and cost competitiveness. Bernardo's insights offer a roadmap to how the Philippines, and potentially other nations, can navigate this intricate journey.
In this blog post, Felino Bernardo, AboitizPower’s Head of Energy Transition Projects, presents his views on the nuclear power debate. He emphasizes the need for safety, cost competitiveness, and strategic planning in the pursuit of a robust nuclear power program.
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