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Integrated energy company Semirara Mining and Power Corp. (SMPC) reported a 37-percent drop in net income to ₱9.9 billion in the first nine months of 2025, from ₱15.7 billion a year earlier, as softer coal and electricity prices and higher production costs weighed on earnings.
“This has been a more difficult year operationally, but we continue to adapt,” SMPC President, Chief Operating Officer (COO), and Chief Sustainability Officer Maria Cristina C. Gotianun said in a statement on Monday. Nov. 3.
“Our priority is to strengthen reliability, manage costs, and preserve our financial flexibility to navigate changing market and operating conditions,” Gotianun added.
From January to September, benchmark coal indices posted double-digit declines, with the Newcastle Index (NEWC) averaging $104.5 per ton, down 22 percent year-on-year, while the Indonesian Coal Index 4 (ICI4) slipped 16 percent to $45.9 per ton.
Average spot electricity prices in the Luzon-Visayas grid also dropped by 33 percent, from ₱5.59 per kilowatt-hour (kWh) to ₱3.73/kWh.
For the third quarter alone, SMPC’s consolidated net income tumbled 53 percent to ₱1.5 billion, from ₱3.1 billion in the same period last year, as lower energy prices continued to pressure margins.
Total coal shipments rose five percent to a record 12.9 million metric tons (MMT) from 12.3 MMT a year ago, driven by higher exports and increased deliveries to its own power plants.
However, the average selling price (ASP) of Semirara coal dropped 19 percent to ₱2,325 per metric ton (MT) from ₱2,864/MT, reflecting weaker market benchmarks and a higher share of lower-grade shipments.
Coal production climbed 15 percent to 15.1 MMT from 13.1 MMT, also a record, due to improved access to coal seams at Narra mine.
Total power sales improved 12 percent to 4,186 gigawatt-hours (GWh) from 3,722 GWh on the back of better plant performance.
Of the total energy sold, 57 percent went to the spot market, while 43 percent were under bilateral contract quantities (BCQs).
The overall ASP for electricity slipped 10 percent to ₱4.46/kWh from ₱4.93/kWh, amid wider supply margins and steady demand in the Wholesale Electricity Spot Market (WESM).
As of end-September, 40 percent of SMPC’s 860-megawatt (MW) dependable capacity was contracted. After accounting for station use, 429.6 MW remained available for spot market sales.
SMPC, a subsidiary of DMCI Holdings Inc., is the country’s largest coal producer and a vertically integrated power generation company supplying baseload electricity to the national grid through its subsidiaries Sem-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. (SLPGC).
