The Manila Electric Company (Meralco) lit up its earnings this year, reporting a 14-percent jump in consolidated core net income (CCNI) to PHP40 billion as of September 2025—energized by robust performance from its power generation arm and the steady strength of its distribution business.
In a disclosure to the Philippine Stock Exchange, Meralco said its core distribution utility (DU) operations remained its main revenue source, contributing PHP21.9 billion or 55 percent of total income. Power generation followed closely with PHP14.7 billion or 37 percent, while retail electricity supply (RES) and non-electric businesses added PHP3.4 billion or 8 percent.
Interestingly, while DU earnings held steady, it was the power generation segment that sparked the biggest leap, soaring 63 percent compared to last year. The company attributed this to higher earnings from liquefied natural gas (LNG) operations under Chromite Gas Holdings, Inc.—a joint venture between Meralco PowerGen (MGEN) and AboitizPower’s Therma NatGas Power—and its Singapore-based investment PacificLight Power Pte. Ltd. Meralco also credited strong revenues from its active participation in the Reserve Market.
Chromite Gas has become a crucial part of Meralco’s clean energy transition, managing gas power plants and an LNG import terminal in Batangas. PacificLight, meanwhile, expands Meralco’s international energy footprint through its operations in Singapore, alongside shareholders under Hong Kong’s First Pacific Group.
Despite the rainy months putting a slight damper on electricity sales—down 0.4 percent due to lower residential and commercial consumption—Meralco remains bullish.
Chairman Manuel V. Pangilinan said the firm is on track to meet its full-year profit target of PHP50 billion, thanks to “the strong performance of our power generation business and the steady growth of our core distribution operations.”
Pangilinan expressed optimism over upcoming regulatory reforms, highlighting the Energy Regulatory Commission’s (ERC) new Rationalized Rules for Setting Distribution Wheeling Rates (RRDWR)—a long-awaited rate-setting policy Meralco hasn’t benefited from in the last decade. He also cited the ERC’s approval of the First Regulatory Period (1RP) for qualified private DUs, set from July 2026 to June 2030, as another confidence booster.
Looking ahead, Pangilinan underscored the strategic importance of the proposed Philippine Nuclear Energy Safety Act, calling it a “bold step toward ensuring long-term energy security and sustainability.”
“With the right policy environment, Meralco is poised to power the country’s next wave of industrial and clean energy growth,” Pangilinan said.