MANILA Electric Co. (Meralco) posted stronger electricity sales growth in the third quarter as warmer weather and customer additions offset softer demand from existing users.
“New customer connection growth offset soft underlying sales volume,” Charina P. Padua, senior vice-president and head of customer relations and services at Meralco, said in a Viber message last week.
Third-quarter energy sales volume rose 3.4% from a year earlier, driven by warmer temperatures and steady customer energization, she said.
In the first nine months, energy sales volume in the distribution utility business increased 0.8% to 41,054 gigawatt-hours (GWh).
Residential sales rose 1.5% to 14,731 GWh, supported by continued customer energization. Commercial sales increased 1% to 15,393 GWh as retail and restaurant establishments expanded and boosted operations.
Industrial sales were flat at 10,819 GWh as stronger demand from semiconductor companies was largely offset by weaker demand from the steel and plastic sectors.
Meralco expects full-year energy sales volume growth of 1% to 2%.
The distribution utility remained the company’s biggest earnings contributor in the first half, accounting for P12.7 billion or 48% of core net income of P26.5 billion.
Consolidated revenue increased 15.7% to P283.71 billion in the first half from P245.22 billion a year earlier.
At the company’s annual stockholders’ meeting in July, Chairman and Chief Executive Officer Manuel V. Pangilinan said he expects 2026 profit to exceed last year’s level.
He cited higher energy sales volume in the distribution business and contributions from the power generation and retail electricity supply businesses.
Meralco is the country’s biggest private electricity distribution utility, serving more than 8.3 million customers across Metro Manila and nearby provinces.
Beacon Electric Asset Holdings, Inc., Meralco’s controlling shareholder, is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera