Meralco projects 3% rise in energy sales volume for 2026

POWER DISTRIBUTOR Manila Electric Co. (Meralco) expects a 3% increase in its energy sales volume this year, supported by the expected normalization of electricity demand as temperatures stabilize.

Meralco Senior Vice-President Ferdinand O. Geluz said the company is relying on a less severe “organic contraction” compared with last year, which came off a high base due to El Niño in 2024.

“For as long as hindi mag-contract as heavy as last year ‘yung organic (demand) natin because of temperature, as service energization efforts remain consistent,” he said on the sidelines of an event last week.

For the first quarter, Mr. Geluz said Meralco expects flattish growth in energy sales, with recovery anticipated from the second quarter onward.

“We forecasted this as early as last year since first quarter (last year) was the tail end of El Niño. Now we’re at the tail end of La Niña, so we expect recovery to begin in the second quarter as warmer weather sets in,” he said.

For the full year, the power distributor recorded a nearly flat energy sales volume, with a 0.7% decline to 53,997 gigawatt-hours, affected by softer demand due to extreme weather, increased adoption of rooftop solar, and slower economic growth.

The distribution utility business accounted for the largest share of Meralco’s earnings in 2025, which rose 12% to P50.6 billion, meeting its profit target for the year.

Meralco is the country’s largest private electric distribution utility, serving more than 8.2 million customers in Metro Manila and nearby provinces, including Bulacan, Cavite, Rizal, and parts of Laguna, Batangas, Pampanga, and Quezon.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera