Meralco core net income up by 47% in H1

By Anna Leah Gonzales

July 31, 2023, 6:40 pm

MANILA – The Manila Electric Company (Meralco) on Monday reported a 47-percent increase in consolidated core net income in the first half of the year.

In a statement, Meralco said its consolidated core net income during the period amounted to PHP19.2 billion from PHP13.1 billion in the same period last year, driven mainly by the 186 percent increase in the contribution of the power generation business.

Meralco said consolidated reported net income also grew by 36 percent to PHP17.9 billion from PHP13.1 billion.

Higher demand from residential and commercial segments pushed energy sales volumes to an all-time high, it said.

Consolidated distribution utility energy sales volumes increased by 3 percent to 24,792 gigawatt hours (GWh) from 23,968 GWh, as volumes of Meralco and Clark Electric Distribution Corporation increased by 3 percent and 7 percent, respectively.

“Our record-high sales volumes reflect strong rebound in terms of power demand. As we expect this growth trajectory to continue, we will aggressively invest in distribution network upgrades and expansion, and implement more programs that will improve overall customer experience,” Meralco executive vice president and chief operating officer Ronnie Aperocho said.

“When it comes to power rates, we have seen the generation charge decrease for two consecutive months and still expect lower crude prices in the world market to help pull down power costs this coming August. However, we are cautious about the possible impact of El Niño on the power sector," he said.

Aperocho said Meralco will work closely with the industry and will also seek ways to mitigate any adverse impact on rates and continuously ensure sufficient supply to the company's over 7.7 million customers. (PNA)