The Energy Regulatory Commission (ERC) has named Aboitiz Equity Ventures (AEV) as the dominant player in the Philippines’ power generation sector, with a market share of 23.86 percent of the national grid as of July 25, 2025.
The ERC, in its Resolution No. 14, Series of 2025, set the adjusted installed generating capacity (IGC) and market share limitation (MSL) for the national and per-grid capacities for 2025.
AEV holds a total capacity of 6,774.442 megawatts in the national grid. It is also the most dominant player in the Luzon grid, with a 26.95 percent market share (5,567.913 MW), and in the Mindanao grid, with a 14.9 percent share (638.83 MW).
San Miguel Corp. is the second-largest power generator on the national grid, with a 20.11 percent market share (5,710.076 MW). It is also the second-biggest player in the Luzon grid, with a 24.93 percent share (5,149.516 MW).
The Lopez Group’s First Gen Corp. is the third-largest firm on both the national and Luzon grids, with a market share of 12.41 percent and 13.10 percent, respectively.
It has a national grid capacity of 3,524.476 MW and a Luzon grid capacity of 2,706 MW. First Gen is also the dominant player in the Visayas grid, with a 20.58 percent market share (708.48 MW).
Rounding out the top five on the national grid are Manila Electric Co., with an 8.06 percent share (2,288 MW), and Ayala Corp., with a 5.2 percent share (1,477.532 MW).
The ERC noted that “no company or related group has reached the 30 percent IGC threshold in a grid and 25 percent IGC threshold in the national grid.” Alena Mae S. Flores
The national grid’s IGC was set at 28,390 MW, with an MSL of 7,097 MW. For the Luzon grid, the IGC is 20,659 MW, and the MSL is 6,197 MW. The Visayas and Mindanao grids have an IGC of 3,443 MW and 4,297 MW, respectively, with MSLs of 1,032 MW and 1,286 MW.
The new IGC and MSL will remain in effect until the next adjustment, which is scheduled for on or before March 15, 2026. The ERC adjusted the 2025 figures after a review that accounted for new generation facilities and changes in the maximum capacity of existing ones.
