Meralco, the country’s largest power distributor, projects marginal growth in power sales for 1H 2025, a slowdown attributed primarily to cooler summer weather conditions that reduced energy consumption, particularly in the residential segment. Despite this, the company maintains a degree of resilience, with slight upticks in retail trade and restaurant-driven demand, signaling continued post-pandemic consumer activity.
While the May 2025 billing period saw a 2.5 percent decline in energy volume from last year’s El Niño-driven high, residential power sales still rose 1.5 percent, supported by the energization of nearly 200,000 new customer connections. Commercial sales increased by 0.7 percent, underlining the sector’s steady recovery, even as industrial demand stagnated due to sector-specific weaknesses (notably in food, beverage, and plastics). The year-to-date sales volume posted a modest 1 percent increase, in line with market expectations, as noted by Unicapital Securities analyst Peter Garnace.
The decline in per capita electricity use among households underscores consumer sensitivity to temperature fluctuations and improved efficiency or moderation in energy use during cooler months. The data highlights how shifting climate patterns are increasingly impacting utility consumption trends and corporate forecasting. For consumers, this means potentially lower bills, while for companies like Meralco, it emphasizes the importance of diversification and customer growth over volume alone.
Despite the slower pace, Meralco remains on track for “low double-digit” full-year core net income growth in 2025, according to chairman and CEO Manuel Pangilinan. This reflects the company’s strategic emphasis on long-term customer expansion and adaptive energy services, as climate variability reshapes energy demand patterns in the Philippines.
