Semirara Mining and Power Corporation (SMPC) reported a consolidated net income of P13.1 billion for the full year 2025.
While representing a 33% decline from the P19.6 billion recorded in 2024, the company achieved historic milestones in operational volume despite a challenging global price environment.
The year-on-year contraction was primarily driven by a significant retreat in global coal indices and domestic spot electricity prices, alongside higher production costs and the timing of coal shipments.
Despite the financial headwinds, SMPC reached all-time highs in both coal production and electricity sales.
“Prices were softer this year, but our operations still delivered record coal production and electricity sales,” said SMPC President, COO, and Chief Sustainability Officer Maria Cristina C. Gotianun. “We’re also working to broaden our markets while keeping our mines and power plants running well.”
The 2025 fiscal year was characterized by a cooling of the energy markets:
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Coal Indices: The Newcastle Index (NEWC) dropped 22% to US$105.6, while the Indonesian Coal Index 4 (ICI4) fell 15% to US$46.1.
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WESM Prices: Average spot electricity prices in the Luzon-Visayas grid retreated 27% to P3.73/kWh, down from P5.14/kWh in 2024.
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Q4 Performance: Fourth-quarter net income stood at P3.2 billion, a 19% decrease compared to P3.9 billion in the same period last year.
Coal production surged 24% to a record 19.9 million metric tons (MMT), up from 16.0 MMT. This growth was bolstered by improved access to coal seams at the Narra mine and the May 2025 approval of an Environmental Compliance Certificate (ECC) for 20 MMT annual capacity.
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Market Expansion: SMPC successfully diversified its export reach, including initial shipments to Indonesia.
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Shipments: Total shipments eased 7% to 15.4 MMT due to export timing and softer demand for lower-calorific coal.
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Pricing: Average selling price (ASP) settled at P2,302 per metric ton, a 19% decline reflecting global benchmarks.
Power Segment: Reliability Gains
The power division achieved record total sales of 5,296 gigawatt-hours (GWh), a 7% increase attributed to enhanced plant reliability.
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Generation: Gross power generation rose 6% to 5,695 GWh.
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Sales Mix: 54% of electricity was dispatched to the spot market, while 46% was delivered via bilateral contracts.
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Capacity: As of year-end, 42% of SMPC’s 860 MW dependable capacity remained contracted, leaving 422.3 MW available for spot market opportunities.
