MANILA, Philippines — Power distribution giant Manila Electric Co. (Meralco) is on track to close 2024 on a high note, with electricity sales growing beyond target, setting the stage for a promising year ahead.
Meralco SVP and chief revenue officer Ferdinand Geluz expects energy sales volume to heat up by 6.3 percent this year, reaching 54,259 gigawatt-hours from the 51,044 GWh recorded in 2023.
The modest improvement, Geluz said, was primarily fueled by residential and commercial segments.
“We may surpass our sales volume target for the year by close to 800 GWh. Our 2024 target sales volume is at 53,473 GWh or 4.8 percent growth from 2023,” he noted.
Also contributing to hotter sales were the sustained new account energization and increased consumption for most of 2024 due to the impact of the El Niño phenomenon, Geluz said.
Currently, the company provides electric service to eight million customers within its franchise coverage that includes Metro Manila and nearby provinces.
In the commercial segment, Meralco saw an increase in energy sales on the back of continued expansion of retail, real estate, hotels and leisure businesses.
The industrial business, on the other hand, stayed flattish as the slight growth in semiconductors, food and beverage, and plastics was offset by the decline in steel and wheeling from embedded generation.
Geluz said the official data on energy sales this year is set to be released around the second or third week next month.
Meralco chairman and CEO Manuel V. Pangilinan is bullish on the company’s growth this year and the next amid a robust economic outlook.
“It has been a great year for Meralco, and it will be a greater year next year,” Pangilinan said.
The company set aside close to P40 billion for its capital expenditure this year, the bulk of which was earmarked for the distribution utility and power generation businesses.
For 2025, the group is inclined to allocate a higher budget to bankroll the development of its renewable energy projects and liquefied natural gas investments as well as boost the resiliency of its distribution network.