POWER distributor Manila Electric Co. (Meralco) said it targets to increase its energy sales volume by 4.5% this year.
The company is targeting at least 56,000 gigawatt-hours (GWh) in energy sales this year, according to Ferdinand O. Geluz, senior vice-president and chief revenue officer at Meralco.
Clark Electric Distribution Corp., 65% owned by Meralco, is expected to contribute an additional 600–700 GWh, Mr. Geluz told reporters last month.
However, the first half of 2025 may be challenging, as the company will be coming off a high base of 9% growth in energy sales volume last year.
“So, in the first quarter, [energy sales volume growth] would be relatively flat, but by the second quarter, it will start to [increase],” Mr. Geluz said.
In 2024, Meralco’s energy sales volume rose by 6.4% to 54,325 GWh from 51,044 GWh in the previous year, driven by warmer temperatures due to El Niño and sustained customer energizations.
This exceeded the company’s target of 53,473 GWh for 2024.
Meanwhile, Meralco’s subsidiary, Meralco PowerGen Corp. (MGen), is expanding its renewable energy portfolio with the planned construction of MTerra Solar 2.
Although the project has not been finalized, Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan said the company is securing a property in Batangas.
“So far, not yet as big as the first,” Mr. Pangilinan told reporters on the sidelines of a briefing last week.
MGen Renewable Energy, Inc. (MGreen), the renewable energy arm of MGen, holds a controlling stake in SP New Energy Corp. (SPNEC).
The company is developing a 3,500-megawatt-peak solar power plant and a 4,500-megawatt-hour battery energy storage system in Central Luzon, which is said to be the world’s largest of its kind.
SPNEC informed the local bourse last week that its parent, MGen, is considering a potential initial public offering for MGreen, including the possibility of injecting assets into SPNEC.
“As part of this review, the board of MGen approved the engagement of professional advisors to assess and determine the feasibility and structure of such a transaction, including compliance with applicable regulatory requirements,” the company said.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
