Manny V. Pangilinan-led Manila Electric Company (Meralco) has forecasted potential growth in its consolidated sales volume this year, citing expansion in the residential and commercial sectors.
Ferdinand Geluz, Meralco senior vice president and chief revenue officer, said this year's increase in power consumption from the two sectors can be attributed to prolonged hot weather and new customers.
"Sustained new account energization brought in additional sales, as we surpassed eight million customers in the fourth quarter," he said. "Higher per capita consumption was observed as an effect of the El Niño phenomenon experienced for most of 2024."
The commercial group is also expected to contribute to Meralco's anticipated sales growth. "Retail, real estate, hotels, and leisure businesses continued to expand," Geluz stated.
According to Geluz, Meralco's sales volume may climb by 6.3 percent from 51,044 gigawatt-hours (GWh) last year to 54,259 GWh this year, potentially exceeding its current target volume of 53,473 GWh.
He added that the industrial sector saw a slight increase in the semiconductor, food and beverage, and plastics sectors, which offset decreases in steel and wheeling.
From January to September of this year, Meralco's consolidated energy sales volume reached 40,872 GWh. However, official numbers for the entire year will be finalized by the second or third week of January 2025, according to Geluz.
Meralco's consolidated core net income for the first nine months increased by 17 percent to P35.1 billion, up from P30 billion in 2023.