The Manila Electric Company (Meralco) has revised its projected sales this year, increasing the forecast growth from 4.7 percent to 6 percent instead. This adjustment anticipates overall sales volume of approximately 53,350 gigawatt hours (GWh) for the year, representing nearly 3,000 GWh more than the 51,044 GWh reported in 2023.
Ferdinand Geluz, Meralco chief revenue officer, said the projection was first indicated at the company’s financial briefing last week. “We’re seeing strong power demand across residential and commercial segments, along with modest improvements in the industrial sector,” Geluz said.
Meralco reported a 7 percent increase in consolidated energy sales, totaling 40,872 GWh in the first nine months this year, compared to only 38,164 GWh in the same period last year. The residential segment posted double-digit growth of 10 percent, rising to 14,758 GWh, driven by the ongoing energization of new accounts and increased per capita consumption.
Commercial sales also increased by 8 percent to 15,261 GWh, despite challenges from the exit of offshore gaming operations and ongoing remote work arrangements among the working population. The industrial sector saw a more modest 2 percent growth, with sales reaching 10,743 GWh, buoyed by rising production in the plastics and food and beverage industries.
Meralco’s commercial segment remains the largest contributor to the energy sales mix at 37 percent, followed closely by residential at 36 percent and industrial at 26 percent.
In addition to the revised sales volume projection, Meralco said that its net income this year is expected to exceed its initial guidance of P43 billion, itself revised from P40 billion. In the first nine months last year, Meralco’s core net income surged 17 percent to P35.1 billion, up from P30.02 billion during the same period in 2022, while revenues improved by 6 percent to P355.4 billion.
