Meralco sees higher Q1 sales

The Manila electric Co. (Meralco) likely registered a 9-percent increase in electricity sales volume in the first quarter from the same period a year ago, a company official said on Monday.

“Though we are still not done with March yet, (it) seems we are tracking around a 9 percent increase, first quarter of 2024 versus first quarter of 2023, mainly driven by the residential and commercial segments.

Industrial is also showing signs of recovery though a bit modest,” said Meralco Chief Commercial Officer and First Vice President Ferdinand Geluz.

He said residential sales volume went up due to the impact of El Niño, which prompted households to use cooling appliances more often.

“El Niño warm temperature is a driver as well as technically recovering almost full face-to-face class and work arrangements drive social activities too.”

Moreover, Meralco benefitted from an additional billing day brought about by a leap year.

At end-2023, Meralco’s consolidated energy sales volume improved by 4 percent, to 51,044 gigawatt hours (GWH) from 48,916 GWH the previous year.

Last January, Geluz said Meralco could end 2024 a 4.5-percent growth in sales volume.

The company ended 2023 with a customer count of at 7.8 million, up from 7.6 million in 2022.

Meralco is the country’s largest electric power distribution firm. Its franchise area includes Metro Manila, Rizal, Cavite, parts of Bulacan, Pampanga, Batangas, Laguna, and Quezon.

Last month, the firm reported an increase of 34 percent in its net income to P38 billion in 2023 from P28.4 billion in 2022 mainly brought about by strong growth in energy sales and higher earnings from its power generation businesses.

The utility firm also recorded a higher consolidated core net income (CCNI) at P37.1 billion in 2023 from P27.1 billion. Meralco said 64 percent of its CCNI came from its power distribution business while 26 percent accounted for its power generation business under Meralco Powergen Corp.