Meralco might have netted P50B in 2025, says Pangilinan
Manuel Pangilinan voiced confidence in power utility Manila Electric Co.’s (Meralco) financial performance in 2025, hinting that earnings may have hit the P50-billion target.
Pangilinan, who chairs the distribution giant, described the group’s financial results as “good.”
“All we can say is good,” he told reporters last week.
When asked whether Meralco had achieved its goal, the billionaire said, “Well, we aim accurately, don’t we?”
The company is the largest power distributor in the country with an expanding presence in electricity generation.
Its consolidated core net income settled at P40 billion, up 14 percent, as of end-September.
Meralco’s distribution business provided P21.94 billion, while its power generation unit chipped in P14.71 billion.
Meralco is set to announce its official financial results on Wednesday, Feb. 25.
Meanwhile, Pangilinan also said Meralco “deserve[s]” a higher distribution tariff as it has not moved in years.
“We deserve some adjustment. As to what level, it’s entirely up to ERC (Energy Regulatory Commission),” he said.
Based on the firm’s filing to the ERC, Meralco is seeking to invest P272 billion in its network through 2030 as the group strengthens its distribution infrastructure.
Its proposed capital expenditures (capex) are P50.79 billion for 2027; P59.87 billion for 2028; P59.67 billion for 2029; and P71.17 billion for 2030.
The firm likewise included carry-over capex for regulatory years 2027 and 2028. These are pegged at P20 billion and P10.6 billion, respectively.
To finance the proposed capital spending, the company hopes to secure the regulator’s clearance for an average distribution rate of P2.34 per kilowatt hour (kWh).
This is higher than its current distribution charge at P1.3522 per kWh.
Jose Ronald Valles, senior vice president and head of Meralco’s regulatory management office, said earlier that the tariff has “not increased in the past decade” despite continuous efforts to boost the system and power service.
Pangilinan also gave assurance that Meralco has an “oversupply” of electricity as the summer season approaches.
Meralco delivers power to Metro Manila, Bulacan, Cavite, Rizal and parts of Pampanga, Laguna, Batangas and Quezon.
