Manila Electric Company (Meralco) reported a consolidated core net income of P11.4 billion for the first quarter of 2026, posting a 2% increase in consolidated core net income, while revenues climbed 5% to P120.8 billion.
Total energy sales reached 15,621 gigawatt-hours, supported by gains in power generation and retail supply. These increases helped offset weaker electricity demand in the distribution segment during the same period.
Power generation is now contributing nearly as much as distribution to overall earnings. Meralco PowerGen Corp. delivered P5.1 billion, or 45% of core income, driven by higher output from liquefied natural gas and renewable projects. The distribution utility contributed P5.3 billion, or 46%, but sales volumes declined 2% to 12,273 gigawatt-hours. Residential demand dropped 3%, while commercial and industrial segments each fell by 1%, reflecting cooler temperatures and increased use of rooftop solar.
“The 2% growth in our CCNI was backed by our strategic initiatives and responsible financial management,” Meralco chairman Manuel V. Pangilinan said.
Meralco released the report after recent weeks saw intensifying consumer concerns over electricity bills, with lawmakers drafting measures to ease the burden on consumers, including proposals to remove certain taxes and charges from bills.
Meralco has maintained that all bill components are approved by the Energy Regulatory Commission and implemented under existing rules. The company also said many of these costs are “pass-through,” meaning they reflect generation and transmission expenses rather than utility earnings. Other proposals include shifting certain subsidies away from consumers and into government funding.
External pressures also weighed on the quarter’s performance. Purchased power costs rose 7% to P92.7 billion, while the average retail rate increased due to higher generation charges linked to global fuel market disruptions following the Iran war.
