MANILA Electric Co. (Meralco) said it has achieved the 8 millionth customer milestone as of end-October.
The company said it ended October with 8.006 million customers against October 2023’s 7.792 million.
“We hit the 8 millionth last Oct. 29, 2024, approximately 210,000 more customers compared to a year ago at around 7.79 million,” said Ferdinand Geluz, Meralco chief revenue officer.
The company earlier revised its projected power sales volume for the entire year from an earlier forecast of 4.7 percent growth to a 6 percent uptick.
Meralco has projected its energy sales volume at the end of the year to reach 53,350 gigawatt hours (GWh) from last year’s 51,044 GWh.
Drivers of sales volume growth this year are strong power demand from both the residential and commercial customer segments as well as the modest improvement from the industrial customer segment.
Meralco said its net income will likely exceed the P43 billion income guidance for full year 2024. In the first nine months of the year, Meralco’s core net income rose 17 percent to P35.1 billion from P30.02 billion in the same period in 2023. Revenues also improved by 6 percent to P355.4 billion from P335.2 billion.
