Power retailer Manila Electric Co. is maintaining its full-year 2025 electricity sales volume forecast of flat growth.
Ferdinand Geluz, Meralco senior vice president and chief revenue officer, said the company has yet to finalize December figures as meter readings continue for large customers under the retail competition and open access regime.
“We will have a credible estimate of December sales once it comes in,” Geluz said.
“For the whole year 2025, it’s still estimated to be slightly negative by around 0.6 percent, I think.”
Geluz previously forecast a sales volume decrease between 0.5 percent and 0.8 percent.Meralco reported consolidated energy sales of 40,719 gigawatt-hours for the first nine months, nearly unchanged from 40,872 GWh a year ago.Meralco, which accounted for the bulk of the volume, saw a marginal 0.4 percent decrease due to an extended period of inclement weather that dampened demand in the residential and commercial segments.
Sales from Clark Electric Distribution Corp. and Shin Clark Power Corp. grew steadily, increasing by 3 percent and 17 percent, respectively.Geluz earlier said he is more optimistic for 2026, anticipating a recovery in the commercial sector.
“The good thing is, as we continue our aggressive energization this year, it will generate a lot of sales next year,” he said. “We are hoping that when things normalize — technically, temperatures were extreme from El Niño to La Niña — we will recover some of those lost organic sales.”
He added that the company expects vacancies left by offshore gaming operators and condominiums to recover by next year.In the first nine months, the commercial segment contributed 37 percent of total sales, recording 15,237 GWh — nearly matching the 15,261 GWh recorded in the same period last year.
Growth was hindered by real estate vacancies, weaker hotel demand from fewer foreign tourists, and heavy rains that triggered class and work suspensions, reducing air conditioning use. These were partly offset by demand from new malls, wholesale supermarkets and the expansion of quick-service restaurants.
“We’re still confident that by next year, with the continuous energization we’re having now plus some normalization, we will see growth of more than 3 percent,” Geluz said.
Meralco’s sales were also impacted by flooding and typhoons, with losses increasing to 250 GWh from 170 GWh.
The residential segment accounted for 36 percent of total sales in the first nine months, declining slightly to 14,520 GWh from 14,758 GWh year over year. Alena Mae S. Flores
The drop was attributed to a 0.52-degree Celsius temperature decrease, unpredictable third-quarter weather during the transition to La Niña and rooftop solar installations. These were partly offset by energization efforts, which added 309 GWh in sales through September.
The industrial segment grew to 10,852 GWh from 10,743 GWh, driven by strong demand in semiconductors and construction, offsetting declines in food and beverage manufacturing.
