Meralco sees 5-6% growth in energy sales for 2024

MANILA Electric Co. (Meralco) expects its energy sales volume to grow by more than 5% by the end of the year, said a company official.

“We initially forecasted sales of 4.7% by yearend, but I think we’re now looking at more than 5%, probably up to 6%,” said Meralco First Vice-President Ferdinand O. Geluz during a briefing last week.

With the company’s forecast for the second quarter, the company is expecting to have “good first-half numbers,” he also said.

“In fact, for April, we’re seeing around at least 9% growth and maybe until June, we will grow between 6% [and] 8%. That gives us a good first half numbers.”

For the third quarter, Meralco is still seeing growth but may be tempered by the La Niña weather event, Mr. Geluz said.

For the January-to-March period, Meralco reported energy sales of 12,307 gigawatt-hours (GWh), up by 9% from the 11,287 GWh in 2023, driven by higher demand from all customer segments.

The power distributor registered a net income of P9.6 billion, higher by 19% from the previous year.

Consolidated revenues were flat at P104.5 billion due to lower pass-through charges and energy fees, reflecting lower fuel prices, compared with 2023.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

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