Manila Electric Company (Meralco) has revised its full-year energy sales growth forecast down to 1–2%, citing subdued demand across all customer segments in the first half of 2025.

Meralco Chief Commercial Officer Ronnie L. Geluz said the utility recorded energy sales of 27,991 GWh in the January to June period, reflecting a modest 0.5% year-on-year increase. This performance is a sharp slowdown from the 9% surge seen in the same period last year, which was attributed to elevated cooling demand amid El Niño conditions.

The company attributed the weaker growth to cooler and wetter weather this year, as well as broader economic headwinds. Geluz noted that the Philippines’ GDP growth forecast was downgraded from 6% to 5.5% in April, amid uncertainties caused by global tariff policies.

Quarter-on-quarter, Meralco posted a 1.5% increase in sales in the first quarter. However, demand contracted by 0.3% in the second quarter, with both May and June showing negative month-on-month growth.

Residential sales rose by only 0.7% compared to nearly 13% in the first half of 2024. Most of the growth came from new customer connections, while per capita consumption remained flat or declined slightly. Residential sales grew by nearly 3% in the first quarter but dropped by 1% in the second quarter, with both May and June recording a 3% decline month-on-month.

Commercial sales grew marginally at 0.3%, significantly lower than the almost 10% growth seen last year. While the retail and restaurant sectors showed signs of expansion, these were offset by increased office vacancies, particularly due to the continued decline in operations of Philippine Offshore Gaming Operators (POGOs). Cooler temperatures also contributed to reduced consumption in this segment.

The industrial sector posted a 0.5% increase, down from 2.5% last year. Semiconductors and steel recorded stable growth due to strong demand for infrastructure materials. However, food and beverage operations saw a decline, largely due to the decentralization of manufacturing facilities and increased use of solar rooftops.

As of end-June, Meralco’s total customer count reached 8.13 million, a 2.5% increase year-on-year.

In light of these developments, Meralco adjusted its full-year sales growth forecast from the earlier 4–4.5% projection to a lower range of 1–2%.

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