Manila Electric Co, (Meralco) reported lower energy sales in January 2026, as cooler weather dampened demand, but the utility remains optimistic about a rebound starting in the second quarter.
Consolidated energy sales reached about 4,048 gigawatt-hours in January, a 0.3-percent decline from the same period last year.
Meralco senior vice president and chief revenue officer Ferdinand Geluz attributed the slight dip to the lingering effects of a cooler weather pattern.
Despite the slow start to the year, the company expects a turnaround in 2026.
“We still forecast that Meralco is positioned for a rebound in 2026 starting second quarter, supported by continued customer base expansion, normalization of weather patterns, with the local economy showing signs of slight recovery following a sharp decline,” Geluz said.
The utility anticipates the commercial sector will lead this year’s recovery. Geluz said the company expects a reversal in vacancies previously left by offshore gaming operators and condominium developments.
Meralco recorded total consolidated energy sales of 53,997 gigawatt-hours in 2025, down 0.6 percent decrease from the 54,325 gigawatt-hours recorded in 2024, which was a record-high leap year influenced by the El Niño weather phenomenon.
Residential consumption in 2025 fell 2 percent to 19,060 gWh from 19,455 gWh. Geluz said extreme weather conditions brought by La Niña caused the decline, but the impact was softened by contributions from new service connections.
Commercial sales also saw a marginal decline of 0.4 percent to 20,326 gigawatt-hours from 20,406 gigawatt-hours. Persistent vacancies in the real estate and hotel sectors continued to offset gains made in the retail and restaurant trades.
The industrial sector served as the primary growth driver for the previous year, increasing 1 percent to 14,465 gigawatt-hours from 14,318 gigawatt-hours.
Strong demand in the semiconductor and construction industries helped counter lower output in the food, beverage and plastics sectors.
Meralco remains the largest power retailer in the Philippines, serving more than 8.2 million customers within its franchise area.
