The Manila Electric Co. (Meralco) anticipates reprising its 2023 sales growth performance averaging 4.7 percent with even better sales numbers this year.
According to Ferdinand Geluz, Meralco first vice president and chief commercial officer for customer retail services, power sales expansion in the first half this year is seen averaging from 5 percent to as high as 6 percent.
That much sales growth results from households and business establishments turning on their cooling equipment much higher than in recent months as the heat index pushes higher by the day.
Last year, Meralco reported energy sales growth averaging 4.4 percent higher to 51,044 gigawatt hours (GWh) from 2022’s 48,916 GWh.
“We also see a good second quarter. In fact for April, we’re seeing at least 8 percent and maybe in June we will see sales growing between 6 to 8 percent. That gives us good first half numbers,” Geluz said.
Meralco consolidated energy sales in the first quarter this year was up 9 percent to 12,307 GWh from previous year’s 11,287 GWh due to such sales catalysts as higher temperatures amid the El Niño weather disruptions, a day more in February this year being a leap one and increased momentum of recovering industrial sector customers.
“In the third quarter we still see growth a bit tempered by La Niña,” Geluz said, noting the third quarter marks the start of El Niño.
“They swing in terms of temperature as variable, but all in all, I think we’re looking at a very good year now in terms of sales,” Geluz said.
Earlier, Manuel V. Pangilinan, Meralco chairman and chief executive officer, projected Meralco posting consolidated core net income of over P40 billion this year.
Last year, Meralco reported a 35 percent jump in net income totaling P38.68 billion versus the previous year’s P28.59 billion.
