Manila Electric Co. (Meralco) reported a 14-percent increase in consolidated core net income in the first nine months of 2025 to P39.4 billion from P34.1 billion a year earlier on the back of robust performance in its power generation business and stable distribution operations.
The country’s largest power distributor said its nine-month consolidated reported net income also rose 9 percent to P36.8 billion from P33.8 billion a year ago. The rise was due to contributions from its generation subsidiaries and stable distribution revenues despite mild energy sales growth.
Meralco chairman Manuel Pangilinan expressed optimism about the company hitting its P50-billion core profit target for 2025, given the nine-month performance.
Pangilinan also welcomed recent positive developments in the power sector, including the rate reset process for all private distribution utilities and the passage of the Philippine National Nuclear Energy Safety Act.
The power generation segment registered a 63-percent increase in net income to P14.7 billion, accounting for 37 percent of the company’s total net income.
This growth was attributed to higher earnings from operating plants in the Philippines and in Singapore. The distribution utility also contributed P21.9 billion, an 8-percent year-on-year increase. The remaining share came from retail electricity supply and service subsidiaries.
System-wide sales volume across the distribution utility, power generation and retail electricity stood at 50.880 gigawatt-hours (GWh), slightly higher than 50.641 GWh in 2024.
The commercial segment recorded flat sales of 15.237 GWh, while the residential segment posted a slight decline in sales to 14.520 GWh.
Meralco PowerGen Corp. (MGEN) reached a net saleable capacity of 5.079 megawatts and delivered 20,220 GWh of energy.
The group’s LNG business contributed P10.9 billion to MGEN’s core income, while thermal plants delivered P5.4 billion.
MGEN Renewable Energy Inc. delivered 557 GWh with the start of operations of several renewable energy power plants, while its MTerra Solar continued its construction activities.
