Manila Electric Co. (Meralco) expects consolidated energy sales volumes to grow 3 percent this year following a slight decline in 2025, led by an anticipated recovery in the second quarter as warmer weather returns.
Meralco senior vice-president and chief revenue officer Ferdinand Geluz said first-quarter energy sales are expected to remain “flattish” due to the transition from La Niña conditions. The company anticipates a rebound starting April.
“I think we alluded that first quarter would be a bit of a challenge,” Geluz said.
“As early as last year we already forecasted that because first quarter last year was like the tail end of El Niño. And right now tail end of La Niña. So we’re anticipating a recovery starting Q2 as warmer weather enters,” he said.
The utility firm reported consolidated energy sales volumes of 53,997 gigawatt-hours in 2025, a slight decline from the 54,325 GWh recorded during the El Niño-impacted leap year of 2024.
Meralco volumes fell 0.7 percent as organic demand was hampered by extreme weather shifts, increased solar rooftop adoption and an economic slowdown.
Geluz said 2026 growth would depend on economic movement and temperatures. He said the company expects a gradual occupancy of vacancies left by Philippine Offshore Gaming Operators, which previously impacted the real estate and condominium sectors.
“We’ll see if the economy picks up. … And I hope there won’t be massive suspension of class and government offices, because if they suspend, private offices follow,” Geluz said.
Performance across subsidiaries was mixed in 2025. Clark Electric Distribution Corp. registered 3-percent growth and Shin Clark Power Corp. rose 18 percent.
Commercial volumes held the largest share of the sales mix at 38 percent, but closed the year at 20,326 GWh, down from 20,406 GWh in 2024.
The segment saw support from retail expansions in convenience stores and supermarkets, alongside demand from restaurants and school facility upgrades.
Residential volumes accounted for 35 percent of the mix, declining to 19,060 GWh from 19,455 GWh in 2024. While the segment grew in the first four months of 2025, sales slid in May as temperatures cooled and typhoons increased.
Industrial sales, representing 27 percent of volume, grew 1 percent to 14,465 GWh, bolstered by the semiconductor and construction sectors.
By the end of 2025, Meralco’s consolidated customer count reached 8.2 million, a 2-percent increase from the previous year.
