Meralco income up 14% to P40-B on strong power generation gains

The Manila Electric Company (Meralco) reported a 14-percent increase in consolidated core net income (CCNI) to ₱40 billion as of end-September 2025, driven by strong performance of its power generation business.

In a disclosure to the Philippine Stock Exchange on Monday, Meralco said its distribution utility (DU) business remained the biggest income contributor, accounting for 55 percent or ₱21.9 billion of total CCNI. Power generation followed with a 37-percent share amounting to ₱14.7 billion, while retail electricity supply (RES) and non-electric businesses contributed 8 percent or ₱3.4 billion.

While the DU segment posted a slight 0.4-percent drop in energy sales due to extended periods of inclement weather that dampened residential and commercial demand, the power generation segment grew by 63 percent, providing the biggest boost to overall earnings.

“This was fueled by earnings from LNG in Chromite Gas Holdings, Inc. (Chromite Gas) beginning February this year, and PacificLight Power Pte. Ltd. (PacificLight), as well as strong revenue gains from participation in the Reserve Market,” the company said.

Chromite Gas is a joint venture between Meralco PowerGen Corporation (MGen) and AboitizPower’s Therma NatGas Power, Inc., which jointly acquired stakes in gas power plants and an LNG import terminal in Batangas. PacificLight, based in Singapore, is partly owned by MGen along with the Hong Kong-based First Pacific Group.

Meralco Chairman Manuel V. Pangilinan expressed optimism that the company will meet its full-year core profit guidance of ₱50 billion, citing the strong generation performance and stable growth in its core distribution business.

Pangilinan also welcomed the Energy Regulatory Commission’s (ERC) issuance of the Rationalized Rules for Setting Distribution Wheeling Rates (RRDWR) for private DUs, which Meralco “has not obtained in the past 10 years,” as well as the upcoming implementation of the ERC’s First Regulatory Period (1RP) for July 2026 to June 2030.

He likewise highlighted the passage of the Philippine Nuclear Energy Safety Act as a major step toward ensuring long-term energy security and sustainability.