Manila Electric Company (Meralco) announced robust financial and operational results for the first quarter of 2025, reflecting sustained growth across its core businesses.
The company also celebrated the renewal of its franchise for another 25 years, ensuring continued service to millions of Filipinos.
Financial Highlights
Consolidated Revenues: ₱114.5 billion (+10%), driven by growth in electricity sales and higher pass-through charges.
Net Income: ₱10.9 billion (+12%).
Core Net Income: ₱11.2 billion (+11%).
Earnings Per Share (EPS):
Reported EPS: ₱9.27 (+9%).
Core EPS: ₱9.91 (+11%).
Operational Highlights
Power Sales Volume: 15,621 GWh (+3%), with Distribution Utility (DU) sales volume at 12,493 GWh (+2%).
Customer Count: 8.1 million (+3%), driven by new residential connections.
System Loss: Maintained at 6.04%, below the regulatory cap.
Power Generation and Renewable Energy Expansion
Meralco PowerGen Corporation (MGEN) contributed ₱3.4 billion to Core Net Income, accounting for 31% of the total.
The company inaugurated three new solar plants, adding 152.7 MWac renewable energy capacity.
MGEN also secured ₱150 billion financing for the MTerra Solar project and acquired a 40.2% stake in the country’s first integrated liquefied natural gas (LNG) facility in Batangas.
Franchise Renewal
On April 11, 2025, President Ferdinand R. Marcos Jr. signed Republic Act No.
12146, renewing Meralco’s franchise for another 25 years, effective June 2028.
This milestone underscores Meralco’s commitment to delivering reliable and sustainable energy to the nation.
Regulatory Developments
Meralco implemented a ₱987.1 million refund of regulatory reset fees in February 2025 and received approval for a ₱20 billion distribution rate true-up refund, equivalent to ₱0.1189/kWh over 36 months.
Sustainability and Community Initiatives
Meralco maintained its ‘BBB’ ESG rating from MSCI and continued its efforts to support communities through initiatives such as solar-powered streetlights, job training for scholars, and relief distribution to fire victims. One Meralco Foundation powered 238 low-income homes and distributed 200 solar lamps in remote areas.
Outlook
“The renewal of Meralco’s franchise is a testament to our commitment to public service, sustainable growth, and nation-building. We remain dedicated to enhancing our services and ensuring that our stakeholders receive the best value from partnering with us for development,” said Chairman M.V. Pangilinan.
