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Manila Bulletin devider Business devider Trade & Industry devider Generation business raises Meralco's net income by 10% to ₱25.5 billion in H1 2025

Generation business raises Meralco's net income by 10% to ₱25.5 billion in H1 2025

Published Jul 28, 2025 04:31 pm
Manuel V. Pangilinan-led Manila Electric Co. (Meralco) increased its consolidated core net income (CCNI) by a tenth to ₱25.5 billion in the first half of 2025 on the back of the growth of its power generation business.
During a media briefing on Monday, July 28, Meralco Senior Vice President and Chief Financial Officer (CFO) Betty C. Siy-Yap reported that first-half CCNI rose by 10 percent from ₱23.2 billion a year ago.
While the distribution utility (DU) business continues to account for the highest share—at 54 percent—in Meralco's end-June CCNI, the year-on-year increase was driven by the higher 37-percent share of its power generation business, up from 27 percent last year.
Its retail electricity supply (RES) unit had a nine-percent share of the six-month CCNI.
Capital expenditures (capex)—the majority of which were used for Meralco’s solar plant developments—was at ₱47.5 billion.
Based on Meralco’s data, ₱33.6 billion was utilized for MTerra Solar, Greenergy for Global Inc., and Greentech Solar Energy Inc. power plants.
Of the capex, ₱13.7 billion was allocated for the DU, of which ₱11 billion was for new connections, asset renewals, load growth, and pole relocation activities, while ₱2.7 billion was for non-electric projects.
Meralco’s operating expenditures (opex) were up by 11 percent to ₱21.7 billion.
Its average retail rate also spiked to ₱11.4058 per kilowatt-hour (kWh).
Power generation spike
The improved CCNI was driven by the movements from its power generation unit, Meralco PowerGen Corp. (MGen).
According to Meralco, the overall CCNI was significantly boosted by MGen’s participation in the reserve market, its investment in Chromite Gas Holdings Inc., the commissioning of a 100-megawatt (MW) power plant in Singapore, and improved plant availability.
Emmanuel Rubio, president and chief executive officer (CEO) of MGen, said that the power generation arm is looking to further its investments.
Subsequently, MGen’s newly operational power plants, through MGen Renewable Energy Inc. (MGreen), increased its contribution for the first six months of the year.
Distribution utility performance
Meanwhile, the company reported 27,091-gigawatt-hours (GWh) worth of consolidated DU energy sales from Meralco and Clark Electric Distribution Corp. (Clark Electric).
The commercial sector saw the highest share in DU sales due to a steady expansion in mall and wholesale supermarkets, as well as the increase in cafés and quick-service restaurants. The residential segment came second in the DU energy share, as it welcomed newly energized customers over the past six months.
The industrial segment came third in the sales mix, due to a rising demand for semiconductors and cement, as well as a resurgence in domestic steel production.
Meralco’s most recent customer count stood at 8.1 million.
What’s next
Moving forward to the second half of the year, Pangilinan said that the power generation business will continue to thrive. However, the DU arm may see a slight slowdown.
“In terms of what will drive the profitability for this year, the distribution business will continue to go, but I think it will be up and slow than 2024,” he told reporters, citing generation capacities coming around by 2026.
“We anticipate some recovery for the full year… The DU is still growing, [but] not as much as it did in [2024].”
He cited a significant contribution from the RES unit in the previous year; however, it could lose momentum this year.
“The RES business will be down… Last year was a banner year. It was more than ₱45 billion.”

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Manila Electric Co. (Meralco) Manuel V. Pangilinan
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