Aboitiz Power Corp. has regained its position as the country’s largest power producer, overtaking San Miguel Corp. (SMC), according to the Energy Regulatory Commission’s (ERC) latest resolution on market share limits.

In its Resolution No. 14, Series of 2025, the ERC set the adjusted Installed Generating Capacity (IGC) and Market Share Limitation (MSL) for 2025, reflecting new capacity additions and operational updates as of July 25.

The regulator reported that AboitizPower now holds a 23.86% share of the national market, equivalent to about 6.77 million kilowatts (kW). The group has the biggest presence in Luzon with 26.95%, in Mindanao with 14.9%, and also a substantial share in the Visayas at 16.49%.

SMC’s power arm, San Miguel Global Power (SMGP), followed with 20.11% nationwide, or 5.71 million kW, while First Gen Corp. ranked third at 12.41% (3.52 million kW). Manila Electric Co. (Meralco) took fourth place with 8.06%, and ACEN Corp. completed the top five with 5.%.

Despite AboitizPower’s lead, ERC clarified that “no company or related group has reached the thirty percent (30%) IGC threshold in a grid and twenty-five percent (25%) IGC threshold in the national grid.” This ensures compliance with the Electric Power Industry Reform Act (EPIRA), which sets ownership caps to promote competition.

The ERC said the adjusted IGC and MSL will remain in effect until the next review in March 2026, or earlier if necessary.

The recalibration comes as new generation facilities secure compliance certificates and as existing plants update their tested maximum capacities.

The development redefines market dynamics ahead of expected capacity expansions, including renewables and natural gas, in the coming years.

What do you think this shift in market leadership means for the Philippine power sector’s competitive landscape? Join the discussion below. 

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