The Manila Electric Co. (Meralco) recorded a 10 percent growth in its consolidated core net income for the first six months of the year, energized by its power generation business.
The company chalked up P25.54 billion in consolidate core income, compared to P23.21 billion in the same period last year. Revenues for the period increased by 3 percent to P245.22 billion from P237.48 billion, according to a company briefing held in Pasig City on Monday.
Meralco attributed the growth mainly from higher contribution from its power generation business through Meralco Power Gen Corp. (MGen) . In turn, MGen delivered 12,644 gigawatt hours (GWh) of energy for the first half of 2025, 66 percent higher than the 7,600 GWh for the similar period in 2024 due to the completion of several power plant projects.
Amid these developments, Manuel Pangilinan, Meralco chairman and chief executive officer, said that this early, they also see full-year consolidated core net income to reach P50 billion.
“Meralco delivered strong results in the first half of the year, fueled by the solid performance of our core distribution business and accelerating momentum of the generation business. As we move into the second half, we remain focused on achieving key milestones that will enable us to meet our full-year profit target and business goals,” he expressed.
In 2024, Meralco’s consolidated core net income reached a record-high P46.47 billion, an upsurge of 20 percent over 2023’s P38.68 billion which was driven by higher energy sales volume.
Meralco added that for the first six months of 2025, its consolidated energy sales went up by less than 1 percent to 27,091 GWh from the previous year’s 26,954 GWh.
The company said that the commercial segment had the biggest share of 37 percent in the energy sales mix while residential and industrial accounted for 36 percent and 26 percent, respectively.
The company’s customer count for the period also reached 8.1 million, a 3 percent increase from last year’s 7.9 million.
“While energy sales volume growth has been lower than anticipated, we remain on track to meet our overall targets as power generation is expected to deliver higher-than-expected performance, offsetting the anticipated slower demand growth,” Pangilinan added.
During the same briefing, MGen said that the Department of Energy (DOE) has reaffirmed the status of its Atimonan Energy power plant project as a committed project following the agency’s earlier confirmation that the project remains outside the coverage of the 2020 Coal Moratorium Policy.
MGen said it will be pursuing the development of Atimonan OneEnergy, Inc.’s 1,200 megawatts capacity as part of its thermal business portfolio that can generate enough power supply to cater to at least 5 million households or the equivalent energy needs of approximately 1,000 hospitals.
“We welcome the DOE’s reaffirmation of the Atimonan Energy project’s non-coverage from the coal moratorium policy, Emmanuel Rubio, MGen president and chief executive officer said.
“We will employ advanced and efficient technologies to ensure our operations support economic and societal development –all while adhering to the company’s commitment to sustainability,” he added.
