Korea Hydro & Nuclear Power (KHNP) is stepping up its efforts to enter the Philippine nuclear energy market by expanding partnerships with major local power companies, reinforcing its strategy to support the country's planned introduction of nuclear power while strengthening South Korea's presence in Southeast Asia.
According to industry sources on Wednesday, KHNP signed a memorandum of understanding (MOU) with Aboitiz Power Corporation at its headquarters in Gyeongju on July 31 to cooperate on future nuclear power development projects in the Philippines.
Under the agreement, the two companies will collaborate on the exchange of nuclear technology and policy information, preliminary feasibility studies for new nuclear power plants, professional training programs, seminars, and the operation of joint working groups.
The partnership comes as the Philippine government accelerates preparations to introduce nuclear energy to address rapidly growing electricity demand and strengthen long-term energy security. The government has been working with private-sector utilities to identify potential plant sites, establish regulatory frameworks, and develop the workforce needed to support a future nuclear industry.
AboitizPower is one of the Philippines' largest integrated energy companies, operating a diversified generation portfolio that includes coal, hydroelectric, solar, and geothermal facilities. The company is also engaged in power distribution and electricity retail, making it a potential key private-sector participant in future nuclear projects.
The latest agreement follows KHNP's earlier efforts to establish a foothold in the Philippine market. In March, the company signed a separate tripartite MOU with the Export-Import Bank of Korea (KEXIM) and Manila Electric Company (Meralco), the country's largest electricity distributor.
That partnership focuses on combining KHNP's nuclear technology and project development expertise with potential financial support from KEXIM to help establish the foundation for a Philippine nuclear power ecosystem.
Industry observers say these agreements demonstrate KHNP's strategy of building an integrated partnership model that combines technology, financing, and cooperation with local utilities, improving its prospects for participating in future nuclear projects in the country.
The Philippines has not operated a commercial nuclear power plant despite completing the Bataan Nuclear Power Plant in the 1980s. The facility was never commissioned due to political and social concerns following its construction.
However, rising electricity demand, heavy dependence on imported fossil fuels, and carbon reduction goals have prompted the government to reconsider nuclear power as part of its long-term energy strategy. Manila aims to commission its first nuclear power plant by 2032 while advancing legal reforms, site evaluations, and international cooperation.
The Philippines is also strengthening nuclear partnerships with several countries, including the United States, South Korea, France, and Canada, as it evaluates different reactor technologies and project models.
Analysts believe South Korea is well positioned to compete in the Philippine market, citing the successful construction and operation of the Barakah Nuclear Power Plant in the United Arab Emirates. KHNP's capabilities across the entire nuclear value chain—from plant design and construction to operation, maintenance, and workforce training—are viewed as a competitive advantage for countries launching nuclear programs.
As more countries turn to nuclear energy to improve energy security and achieve carbon neutrality, demand for experienced nuclear developers is expected to continue growing. The Philippines is widely regarded as one of Southeast Asia's most promising emerging nuclear markets.
"This MOU marks a meaningful first step in exploring how nuclear energy can contribute to the Philippines' energy security and stable baseload power supply," said Carlos Ramon Aboitiz, Chief Corporate Affairs Officer of AboitizPower. "We look forward to building long-term cooperation together."
Choi Il-kyung, Executive Vice President and Chief Business Officer of KHNP, said the company would leverage its extensive experience in building and operating nuclear power plants both in South Korea and overseas.
"By working closely with AboitizPower, we hope to support the Philippines' energy transition and contribute to establishing a stable electricity supply system," Choi said. "We will continue expanding strategic partnerships to strengthen our presence in the global nuclear market."
