The Manila Electric Co. (Meralco) posted a 10 percent increase in consolidated core net income for the first half of 2025, reaching P25.54 billion from P23.21 billion a year earlier, driven by robust growth in its power generation business.
In a briefing held Monday, Meralco attributed the income boost primarily to the performance of Meralco PowerGen Corp. (MGen), which delivered 12,644 gigawatt hours (GWh) during the period—a 66 percent surge from 7,600 GWh in 1H 2024—following the completion of several generation projects. Total revenue for the period also rose three percent to P245.22 billion.
Chairman and CEO Manuel V. Pangilinan expressed optimism that Meralco will meet its full-year core net income target of P50 billion, citing continued strength in both distribution and generation segments. “We remain focused on achieving key milestones that will enable us to meet our full-year profit target and business goals,” he said.
Despite a marginal 0.5 percent rise in energy sales volume to 27,091 GWh, Meralco saw a 3 percent increase in customer base to 8.1 million. The commercial sector remained the largest consumer, accounting for 37 percent of energy sales, followed by residential (36 percent) and industrial (26 percent).
MGen also announced progress on its 1,200-MW Atimonan OneEnergy project, which was reaffirmed by the Department of Energy as a committed project and not covered by the 2020 Coal Moratorium Policy. MGen President and CEO Emmanuel Rubio said the project will support energy security and power around 5 million households.
The company’s strong financial showing underscores Meralco’s increasing influence in the energy sector, as it expands beyond distribution into power generation to support long-term national energy stability and growth.
