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Brix Lelis - The Philippine Star
April 29, 2025 | 12:00am
This file photo shows Meralco workers.
STAR / File
MANILA, Philippines — Power giant Manila Electric Co. (Meralco), whose franchise has been extended until 2053, saw its earnings grow to over P11 billion in the first quarter, fueled by growth across core segments.
In a press conference yesterday, Meralco CFO Betty Siy-Yap reported that core net income from January to March climbed by 11 percent to P11.2 billion from P10.1 billion on a yearly basis.
Net income went up by nine percent to P10.4 billion from P9.6 billion, with revenues rising by 10 percent to P114.5 billion from P104.5 billion.
The growth was mainly attributed to the stronger contribution of the distribution utility (DU) business, which accounted for the largest share of the bottomline at 60 percent.
Total DU energy sales volume, mainly from Meralco and Clark Electric Distribution Corp., marginally rose to 12,493 gigawatt-hours from last year’s 12,307 GWh.
Power generation contributed P3.4 billion in earnings, while the retail electricity supply and non-power businesses chipped in a combined P1.1 billion.
During the quarter, Meralco banked on the stable plant availability across its portfolio, sustained revenue generation from the reserve market and the contribution of Chromite Gas Holdings Inc. starting in February.
Chromite Gas is a partnership between Meralco PowerGen Corp. and Aboitiz Power Corp.’s Therma Natgas Power Inc.
Through the joint venture, the companies jointly invested in gas-fired facilities under tycoon Ramon Ang’s San Miguel Global Power.
Earlier this month, President Marcos signed a measure extending Meralco’s legislative franchise for another 25 years, allowing the company to continue operating power distribution systems in Metro Manila and nearby provinces.
“The recent 25-year renewal of Meralco’s franchise signed by President Marcos is a milestone for the company, for which we are grateful indeed,” Meralco chairman and CEO Manuel V. Pangilinan said.
The franchise extension, he said, has reinforced a commitment to “public service, sustainable growth and nation-building.”
“As we move forward, we remain dedicated to enhancing our services and ensuring that our stakeholders receive the best value from partnering with us for development,” Pangilinan said.
