POWER distributor Manila Electric Co. (Meralco) reported a 10.8% increase in its consolidated core net income to P11.2 billion for the first quarter of 2025, driven by growth across its business segments.
“Our first-quarter results reflect a strong start to 2025 with solid financial performance across the business portfolio,” Meralco Chief Finance Officer Betty C. Siy-Yap said during a media briefing on Monday.
For the first three months, the company’s reported net income increased by 8.9% to P10.4 billion from P9.6 billion.
Gross revenues grew by 10% to P114.51 billion from P104.55 billion, driven by volume growth in the distribution utility, power generation, and retail electricity supply businesses, as well as higher pass-through transmission and generation charges.
Meralco’s distribution utility business accounted for the largest share of 60% in earnings, amounting to P6.7 billion. Power generation contributed 31%, or P3.4 billion, while the retail electricity supply business and non-electricity businesses generated a combined P1.1 billion, or 9%.
For the first quarter, energy sales volume, mainly from Meralco and Clark Electric Distribution Corp., climbed 2% to 12,493 gigawatt-hours (GWh) from 12,307 GWh in the previous year.
By segment, Meralco said the commercial segment increased slightly by 1%, to 4,744 GWh from 4,679 GWh.
Sales volume in the residential sector grew 3%, to 4,257 GWh from 4,144 GWh, driven by the energization of new residential customers, which fueled consumption growth and contributed 95 GWh in the first quarter.
The industrial segment saw a marginal increase, to 3,456 GWh from 3,448 GWh.
Meralco PowerGen Corp. (MGen), a wholly owned subsidiary of Meralco, reported a 25% increase in its contribution to core net income, attributed to “stable plant availability across its portfolio, sustained revenue generation from the reserve market, and the contribution of Chromite Gas Holdings, Inc. (CGHI) beginning February this year.”
CGHI is MGen’s joint venture with Aboitiz-led Therma NatGas Power Inc.
On April 11, President Ferdinand R. Marcos, Jr. signed into law Republic Act No. 12146, extending Meralco’s franchise for another 25 years, from June 2028.
With the extension, the company will have the authority to distribute power to Metro Manila, Bulacan, Cavite, Rizal, and select areas in Batangas, Laguna, Quezon, and Pampanga until 2053.
“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. This reinforces our commitment to public service, sustainable growth, and nation-building. It is also a reminder of our public accountability,” said Meralco Chairman Manuel V. Pangilinan.
“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,” Mr. Pangilinan added.
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
