Integrated energy company Semirara Mining and Power Corporation (SMPC) today reported a consolidated net income of ₱9.9 billion for the first nine months of 2025, marking a 37% decline from the ₱15.7 billion recorded in the same period last year. The drop was primarily driven by the significant fall in global coal and domestic electricity prices, compounded by higher production-related costs.
For the third quarter alone, consolidated net income decreased by 53% year-on-year to ₱1.5 billion, as the downward pressure from energy commodity prices continued to impact profitability.
“This has been a more difficult year operationally, but we continue to adapt to the challenging market dynamics,” said SMPC President, Chief Operating Officer, and Chief Sustainability Officer Maria Cristina C. Gotianun. “Our priority is to strengthen reliability, manage costs effectively, and preserve our financial flexibility to navigate changing market and operating conditions.”
Market data reflected the severe pressure on selling prices:
The average Newcastle Index (NEWC) for the nine months fell 22% to US$104.5 per metric ton, while the Indonesian Coal Index 4 (ICI4) dropped 16% to US$45.9 per metric ton.
Domestic power prices were also sharply lower, with average spot electricity prices in the Luzon-Visayas grid receding by 33%, from P5.59/kWh to P3.73/kWh.
Despite the adverse pricing environment, SMPC achieved record-breaking operational performance in both its coal and power segments, demonstrating resilience and efficiency gains.
Record Shipments and Production: Total coal shipments in the nine months rose 5% to a record high of 12.9 million metric tons (MMT), up from 12.3 MMT last year, driven by stronger exports and increased deliveries to SMPC’s own power plants. Coal production also hit a record high, increasing by 15% from 13.1 MMT to 15.1 MMT, following improved access to coal seams at the Narra mine.
Pricing: The average selling price (ASP) for Semirara coal declined 19% to ₱2,325/MT, consistent with global market indices and a higher share of lower-grade shipments in the sales mix.
Record Sales: Total power sales grew 12% to a record 4,186 GWh, up from 3,722 GWh, attributable to improved plant performance and reliability.
Sales Mix and Pricing: Of the total energy sold, 57% was sold to the spot market, with the remaining 43% covered by bilateral contract quantities (BCQs). The overall average selling price for electricity declined by 10% to ₱4.46/kWh, reflecting wider supply margins in the Wholesale Electricity Spot Market (WESM) amid stable demand.
As of September, 40% of SMPC’s 860MW total dependable capacity was contracted.
