The Manila Electric Co. (Meralco) booked a 35 percent jump in net income in 2023 to P38.68 billion from P28.59 billion in 2022, driven by higher energy sales volume.
Meralco’s revenues last year grew 4 percent to P443.61 billion from P426.53 billion in 2022.
Energy sales jumped 4.4 percent to 51,044 gigawatt hours (GWh) from the previous year’s 48,916 GWh as both the commercial and residential segments recorded improvements.
Commercial energy sales, which accounted for 37 percent, rose 9 percent, mainly due to strong business recovery paired with higher power demand of hotels and leisure sectors due to increasing tourist arrivals, higher real estate demand and more in-person activities.
Residential sales which represented 35 percent, recorded a 4 percent increase, pushed by higher usage of cooling appliances due to warmer temperature as an effect of the El Niño phenomenon as well as more long-holiday weekends.
The industrial segment with a 28 percent share, dropped 1 percent due to the slump of the semiconductor and construction businesses in the country.
Customer count stood at 7.83 million as of 2023 which is a 2.6 percent increase against 2022’s 7.63 million.
“As we approach the dry season, we continue to be proactive in securing sufficient and competitive-priced power through our CSPs (competitive selection process), while remaining vigilant on the possible impact of the lingering El Niño phenomenon,” said Ronnie Aperocho, Meralco executive vice president and chief operating officer.
Jose Ronald Valles, Meralco first vice president and regulatory management head, said in a briefing in Pasig City yesterday bidders for 260 MW of CSP, withdrew their expressions of interests yesterday.
As a result, Meralco will report the development to the Department of Energy for possible revisions.
Manuel Pangilinan, Meralco chairman, said that they expect to move forward with the long-term goal of achieving sustainable energy security this year through investments in utility scale power generation projects, including exploring the possible adoption of nuclear energy in the country. -Jed Macapagal
