Semirara Mining and Power Corporation (SMPC) reported a 66‑percent jump in third‑quarter net income to P2.4 billion from P1.5 billion a year earlier, driven by stronger power‑segment gains and lower non‑cash charges that offset weaker coal performance. For the first nine months of 2026, consolidated net income grew 11 percent to P11.0 billion, with power operations accounting for 78 percent of total earnings.
The power segment contributed P2.6 billion in Q3 earnings, nearly doubling year‑on‑year, as total sales rose 5 percent to 1,388 GWh and average selling prices climbed 26 percent to P5.27 per kWh amid higher Luzon‑Visayas spot market rates. About 45 percent of the firm’s 860‑MW dependable capacity was under contract as of end‑September, leaving 400 MW available for spot sales.
Meanwhile, the coal segment posted a P110‑million net loss due to lower production and shipments plus rising costs. Output fell 5 percent while shipments dropped 25 percent as key mines near depletion. The shift toward power generation is significant for consumers, as SMPC’s spot market supply helps meet national electricity demand amid tight grid conditions that have pushed up market power rates.
