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Manila Electric Co. (Meralco) reported a 12 percent increase in consolidated core net income to P44.8 billion for the first nine months of the year, up from P40 billion during the same period in 2023. The company is currently on track to meet its full-year earnings target of P56.6 billion, requiring an additional P11.8 billion in the fourth quarter to reach that goal. The company’s consolidated reported net income rose 21 percent to P44.7 billion from P36.8 billion, while total revenues grew 19 percent to P443 billion. Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan stated that the company remains on track to achieve its annual guidance, provided there are no significant unforeseen developments. The distribution business remained the primary driver of earnings, contributing P20.1 billion, or 45 percent of the consolidated core net income. The power generation arm, Meralco PowerGen Corp. (MGEN), followed with a 41 percent contribution of P18.2 billion, marking a 24 percent increase attributed to stronger output from its liquefied natural gas and thermal power plants. The commencement of commercial operations for the first phase of MTerra Solar in August also contributed to the generation growth. Retail electricity supply and non-electricity businesses accounted for the remaining 14 percent of core earnings. Meralco’s customer base grew by two percent to 8.4 million, with energy sales reaching 41,054 gigawatt-hours. However, the average retail electricity rate increased by 15 percent to P13.43 per kilowatt-hour, compared to P11.63 in the previous year. This rise was driven by higher generation and transmission charges, as well as a 20 percent increase in purchased power costs to P338.7 billion, which the company attributed to rising fuel prices and the depreciation of the peso. Despite these economic pressures, Meralco reported P76 billion in capital expenditures for the nine-month period, directed toward renewable energy, battery storage, and distribution network improvements. Pangilinan noted that the company is seeing returns on previous investments, particularly through MGEN and the expansion of its retail electricity supply business. Additionally, the company expects that the Energy Regulatory Commission’s recent approval of its distribution rate reset will provide greater certainty for infrastructure investments through 2030. Article source: The Daily Tribune | Image credit: The Daily Tribune
Manila Electric Co. (Meralco) reported a 12 percent increase in consolidated core net income to P44.8 billion for the first nine months of the year, up from P40 billion during the same period in 2023. The company is currently on track to meet its full-year earnings target of P56.6 billion, requiring an additional P11.8 billion in the fourth quarter to reach that goal. The company’s consolidated reported net income rose 21 percent to P44.7 billion from P36.8 billion, while total revenues grew 19 percent to P443 billion. Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan stated that the company remains on track to achieve its annual guidance, provided there are no significant unforeseen developments. The distribution business remained the primary driver of earnings, contributing P20.1 billion, or 45 percent of the consolidated core net income. The power generation arm, Meralco PowerGen Corp. (MGEN), followed with a 41 percent contribution of P18.2 billion, marking a 24 percent increase attributed to stronger output from its liquefied natural gas and thermal power plants. The commencement of commercial operations for the first phase of MTerra Solar in August also contributed to the generation growth. Retail electricity supply and non-electricity businesses accounted for the remaining 14 percent of core earnings. Meralco’s customer base grew by two percent to 8.4 million, with energy sales reaching 41,054 gigawatt-hours. However, the average retail electricity rate increased by 15 percent to P13.43 per kilowatt-hour, compared to P11.63 in the previous year. This rise was driven by higher generation and transmission charges, as well as a 20 percent increase in purchased power costs to P338.7 billion, which the company attributed to rising fuel prices and the depreciation of the peso. Despite these economic pressures, Meralco reported P76 billion in capital expenditures for the nine-month period, directed toward renewable energy, battery storage, and distribution network improvements. Pangilinan noted that the company is seeing returns on previous investments, particularly through MGEN and the expansion of its retail electricity supply business. Additionally, the company expects that the Energy Regulatory Commission’s recent approval of its distribution rate reset will provide greater certainty for infrastructure investments through 2030.
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