The Manila Electric Co. (Meralco) posted a consolidated power sales volume growth of 1.5 percent in the first quarter of the year to 12,493 gigawatt hours (GWh) from 12,307 GWh a year earlier.
Ferdinand Geluz, Meralco senior vice president and chief revenue officer, told reporters over the weekend that the increase was driven by higher contributions from the residential and commercial customers.
“Residential sales alone climbed to 4,257 GWh in the first quarter (of 2025), registering a 3 percent increase from 4,144 GWh in the first quarter of 2024, underpinned by sustained momentum from energization efforts and observed high heat index in the franchise area,” Geluz said.
Commercial sales posted a 1 percent increase to 4,744 GWh in the first quarter, up from 4,679 GWh in the year-earlier period, buoyed by robust demand from consumer-facing establishments amid a slowdown in real estate, Geluz said.
Power sales from industrial customers were virtually flat as the total number only moved by 0.2 percent to 3,455 GWh from 3,448 GWh in first quarter 2024. Gains from non-metallic, semiconductors and plastics were dragged by lower demand from food, beverage and steel, Geluz said.
“For the second quarter, we are optimistic that distribution utility energy sales will pick up, continuing on to the second half, to reach our target of 4.5 percent by year-end on the back of an expected boost from higher consumer spending during midterm elections, better economy from lower inflation and interest rates, as well as an anticipated recovery in occupancy in real estate,” Geluz added.
Meralco is scheduled to announce its official first quarter performance results within the month.
In February, Manuel Pangilinan, Meralco chairman and chief executive officer, said they expected the company’s net income to reach P49.6 billion this year, up by 6.7 percent from 2024’s record high P46.47-billion profit.
Meralco’s revenues for 2024 grew 6 percent to P470.36 billion from 2023’s P443.61 billion as the company’s customer count last year reached 8.04 million, a 3 percent increase from 2023’s 7.83 million.
Peter Garnace, research analyst at Unicapital Securities Inc., said Meralco’s energy sales growth for the first quarter of the year was slower than the 9 percent increase in the first quarter of 2024.
Garnace said on Sunday the slowdown was “due to the high base effect brought about by El Niño and the short-lived La Nina that followed.”
He also agreed with Meralco’s overall sales projection for the year.
“Despite this, we believe that election cycle-driven growth will sustain Meralco’s energy sales momentum in 2025 as we expect it to hover between 4 and 5 percent by year-end,” Garnace said.
