MERALCO SALES VOLUME GROWTH TO HIT 4.5% – REYES

LISTED power distributor Manila Electric Co. (Meralco) expects sales volume growth to hit 4.5 percent this year instead of the “slightly above” 4.5 percent projection made by its president in October.

Meralco President Oscar Reyes attributed the reduced sales forecast to high base effects over the past two years and factors such as use of rooftop solar facilities.

“Of course, there are new things as customers are able to save because of these trends or changes. It also puts more disposable income into their pockets and there is demand for other things,” Reyes said at the sidelines of a Meralco technology and innovation summit (on Friday.

In 2016, the utility saw sales vol gigawatt-hours (GWh).

Reyes had already said in October that the utility may not be able to reach overall sales volume

about 4.4 percent over last year,” he said.

“We are hoping the fourth quarter will be healthy” as volume sales in the second quarter gained “a bit of momentum.”

Meralco, the country’s biggest power distribution utility, holds the largest market capitalization among listed utility and power sector companies in the country.

units are in the business in engineering and consulting, construction, bills payments, and other electricity-related services.

Shares of Meralco dropped on Friday.