MANILA ELECTRIC CO. (Meralco) expects flat energy sales this yr as milder weather curbs demand, but anticipates a rebound in 2026 on the back of aggressive energization and normalizing temperatures.
Meralco Senior Vice-President and Chief Revenue Officer Ferdinand O. Geluz told reporters last week that full-year energy sales could range from a 0.5% contraction to a 0.8% increase.
The ability distributor added 194,000 customers this yr, bringing its total to eight.2 million, up 2% from a yr earlier. Still, overall consumption fell compared with 2024, when extreme heat from the El Niño phenomenon boosted electricity use.
For 2026, Meralco expects energy sales to rise by about 3% or 1,700 megawatt-hours, driven by higher connections and the transition from El Niño to La Niña conditions.
“We’re hopeful that as weather conditions normalize — shifting from extreme temperatures of El Niño to La Niña — we’ll find a way to get well a few of the organic sales lost as a consequence of normalization of temperature,” Mr. Geluz said. He added that the repurposing of spaces vacated by Philippine offshore gaming operators (POGO) into latest offices could also support energy sales in 2026.
For the nine months ended September, Meralco’s energy sales slipped 0.4% to 40,719 gigawatt-hours as prolonged rains dampened residential and business demand. Despite the decline, its distribution business remained the biggest contributor to core net income, which climbed 14% to P40 billion.
Meralco Chairman Manuel V. Pangilinan said the corporate is on the right track to fulfill its P50-billion profit goal this yr, citing regular performance from its core distribution and power generation businesses.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Useful Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera