Manila Electric Co. (Meralco), the country’s largest power distribution company, posted a 9 percent increase in net income for the first quarter, reaching P10.45 billion, driven by a rise in electricity sales between January and March.
Consolidated revenue for Q1 climbed 10 percent to P114.5 billion, fueled by a 3 percent increase in sales volume, which totaled 15,621 gigawatt-hours. Power generation accounted for 31 percent of consolidated core net income, contributing P3.4 billion from plants in the Philippines and Singapore.
Earlier this month, President Ferdinand Marcos Jr. signed a law extending Meralco’s franchise for another 25 years, beginning in 2028 when its current franchise expires.
Meralco Powergen Corp. (MGen) is set to benefit from the launch of three new solar plants, adding a total of 152.7 megawatts of renewable energy capacity in Luzon. MGen also acquired a 40.2 percent stake in the Philippines’ first and largest integrated liquefied natural gas (LNG) facility in Batangas.
The company has secured significant investments for its renewable energy initiatives, including P150 billion in project financing and a P10 billion equity infusion from Actis Rubyred (Singapore) Pie Ltd. This forms part of a larger USD600 million investment tied to Actis’ acquisition of 40 percent of Terra Solar Philippines Inc.
Capital expenditures (CAPEX) for the period reached P25.4 billion, with the majority—P18.3 billion—allocated to the development of the MTerra Solar project in Nueva Ecija. The remainder was invested in Meralco’s distribution network projects, including new connections, asset renewals, and load growth initiatives.
Operating expenses (OPEX) totaled P10.3 billion, mainly covering manpower, contracted services, and IT infrastructure costs. The company continues to prioritize investments in critical IT systems to ensure a reliable, efficient, and resilient electricity distribution network.
