Meralco sees 6.3% hike in sales volume
By Lorenz S. Marasigan – December 27, 2024
from Business Mirror
MANILA Electric Co. (Meralco) expects its consolidated sales volume to expand by 6.3 percent in 2024, projecting an increase from 51,044 gigawatt-hours (GWh) in 2023 to a forecasted 54,259 GWh, primarily driven by its residential and commercial verticals.
Meralco Spokesperson Ferdinand Geluz said the growth trajectory is supported by the sustained energization of new accounts, which helped Meralco surpass eight million customers in the fourth quarter of 2024.
Geluz also noted an increase in per capita consumption driven by the prolonged El Niño phenomenon, which has led to higher electricity demand.
The Commercial sector has been a standout contributor to the growth, bolstered by the continued expansion of retail, real estate, and hotel and leisure businesses. However, the Industrial sector showed limited growth.
“On the other hand, Industrial sector remained flattish as the modest increase in Semicon, Food & Beverage, and Plastics were offset by decline in Steel and Wheeling from Embedded Generation,” he said.
He noted that official sales figures for 2024 will be confirmed between the second and third weeks of January 2025.
Meralco is strengthening its capacity through an infrastructure enhancement program that could amount to as much as P70 billion in the next five years.
Of the amount programmed from 2025 to 2029, P30 billion may be allotted for infrastructure enhancement and P40 billion to finance the roll out of four million smart meters.
Network improvement may involve storm hardening initiatives, system improvement projects and pole relocation. Meralco said it foresees the need to be even more aggressive in investing in grid modernization projects and operational efficiency through advanced metering infrastructure (AMI) that will make the network more robust, more resilient, and more intelligent.
Meralco spent P26 billion for capex during the first nine months of the year, of which P5.3 billion were utilized for distribution network projects that included new connections, asset renewals, and load growth projects, among others. The balance was used for the development of solar power plants and facilities for the telecommunications tower business.
Meralco is expecting to exceed the P43-billion profit guidance set out in the first half, paving the way for another year of record earnings.
