The Manila Electric Company (Meralco) marked a significant achievement in October 2024, surpassing 8 million customers for the first time in its history. As of 31 October, the utility giant reported 8.006 million customers, up by 210,000 from the 7.792 million recorded in the same period last year.
Ferdinand Geluz, Meralco chief revenue officer, confirmed the company reached the 8 million milestone on 29 October. This reflects sustained growth in Meralco’s customer base, driven by strong demand across residential, commercial, and recovering industrial sectors.
In tandem with the customer growth, Meralco also revised its full-year sales forecast upward, increasing the expected sales growth from 4.7 percent to 6 percent. The company now projects total energy sales reaching 53,350 gigawatt hours (GWh) in 2024, up from 51,044 GWh in 2023.
Meralco’s positive performance extends to its financials as well. Meralco has raised its 2024 net income guidance, anticipating earnings to exceed its original target of ₱43 billion. For the first nine months of the year, Meralco’s core net income surged 17 percent year-on-year, reaching ₱35.1 billion, up from ₱30.02 billion in the same period last year. Revenue for the period also grew by 6 percent, totaling ₱355.4 billion compared to ₱335.2 billion in 2023.
This strong performance underscores Meralco’s continued market expansion and operational resilience as it adapts to evolving energy demands and consumption patterns.
