Meralco subscriber count hits 8M—exec

By Lenie Lectura – November 26, 2024
from Business Mirror

The Manila Electric Co. (Meralco) has reached the 8-million subscriber mark last October 29, a top official of the power distribution utility firm said.

Meralco Senior Vice President and Chief Revenue Officer Ferdinand Geluz said “approximately 210,000 more customers” were added to the distribution network “compared to a year ago (when it was) at around 7.79 million.”

“We ended October 2024 at 8.006 million versus 7.792 million in October 2023.”

At end-September, the company’s consolidated customer count grew steadily, rising by 3 percent to 7.99 million from 7.77 million in September 2023. Energization of new customers for both ordinary service and project-covered applications recovered, as local government units and developers cleared backlogs and normalized operations.

Meralco is the largest private distribution company in the country and provides electric service within its franchise coverage that includes Metro Manila and nearby provinces.

It expects to end the year with a consolidated core net income (CCNI) of P43 billion following record results as of end-September. “We expect to exceed the P43-billion profit guidance we set out in the first half, paving the way for another year of record earnings,” Meralco Chairman Manuel V. Pangilinan had said.

Meralco reported a CCNI of P35.1 billion from January to September, 17 percent higher than the P30 billion in the same period in 2023. The utility firm attributed this to the strong performance of its electricity sales, power generation and retail electricity supply (RES) businesses.

The distribution business accounted for 59 percent; 25 percent, generation; and RES and non-electricity businesses, 16 percent.

Pangilinan said 2025 is going to be another profitable year due to “organic growth” and contributions from new investments, some of which are awaiting approval from the Philippine Competition Commission.

“We remain optimistic about the continued expansion of the country’s economy under the leadership and tutelage of President Marcos, with full-year economic growth forecasts hovering around 6 percent and the potential to outpace other Southeast Asian nations.”

Image credits: www.meralco.com.ph