Aboitiz Equity Ventures, Inc. (AEVI) recorded the highest national market share among generation players in the Energy Regulatory Commission’s (ERC) 2026 assessment, with its capacity reaching 24.30% of national installed generating capacity.

In ERC Resolution No. 17, Series of 2026, the commission set the country’s national installed generating capacity at 28,197,045 kilowatts and the national market share limit at 7,049,261 kW.

AEVI accounted for 6,850,634 kW, placing it just below the 25% national market share limit set under the Electric Power Industry Reform Act of 2001.

Under the Electric Power Industry Reform Act (EPIRA), a company or related entity is prohibited from owning, operating, or controlling more than 30% of installed generating capacity in any grid and more than 25% of national installed generating capacity.

The limits are meant to prevent excessive concentration in the power generation sector and preserve competition in the electricity market.

The ERC said the 2026 installed generating capacity was set at 20,422,806 kW in Luzon, 3,478,324 kW in the Visayas, and 4,295,915 kW in Mindanao.

This corresponds to market share limits of 6,126,842 kW in Luzon, 1,043,497 kW in the Visayas, and 1,288,775 kW in Mindanao.

After AEVI, San Miguel Corporation ranked second nationally with 5,533,079 kW, or 19.62% of national installed generating capacity.

First Gen Corporation followed with 3,028,416 kW, or 10.74%, while Ayala Corporation recorded 1,948,581 kW, or 6.91%.

Manila Electric Company (Meralco) ranked fifth with 1,889,674 kW, or 6.70%.

At the grid level, AEVI also had the highest share in Luzon with 5,621,600 kW, or 27.53%, below the 30% grid limit. San Miguel followed in Luzon with 5,038,897 kW, or 24.67%.

In the Visayas, AEVI had 591,105 kW, or 16.99%, while Meralco had 554,264 kW, or 15.93%. Meanwhile in Mindanao, AEVI had 637,929 kW, or 14.85%, followed by San Miguel with 348,847 kW, or 8.12%.

The ERC determines installed generating capacity and market share limits annually using the maximum stable load, or Pmax, of generation facilities. Pmax refers to the dependable output a power plant can deliver under stable operating conditions.

The commission said it initially deferred the 2026 determination to allow a more comprehensive review of shareholder agreements and ownership structures affecting market share computation.

Following the review, the ERC adopted the 2026 installed generating capacity and market share limits based on the Pmax of all generation facilities as of April 30, 2026.

ERC Chairperson and CEO Atty. Francis Saturnino C. Juan said the annual determination is a safeguard under EPIRA against excessive concentration in electricity generation.

“Healthy competition encourages greater investment, promotes innovation, and helps ensure that consumers benefit from more reliable, efficient, and competitively priced electricity,” Juan said.

“Through this exercise, the ERC continues to uphold a level playing field where no single market participant can unduly influence the generation sector to the detriment of consumers,” he added.

The ERC clarified that identifying dominant players is a regulatory monitoring mechanism and does not, by itself, constitute a finding of any violation of the law.

The commission said the process allows it to monitor compliance with EPIRA’s ownership limits and take appropriate action when necessary.

The ERC also reminded entities covered by the market share limitation to strictly comply with the prescribed limits and report within 15 days from the start of any occurrence that causes them to exceed the allowable market share.

How can regulators maintain healthy competition as major generation groups continue expanding across the country’s power grids? 

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