Meralco has secured the renewal of its legislative franchise for another 25 years, further anchoring its position as the country’s leading power distributor and capping off a year of record-breaking financial and operational performance.
“This is a testament to the trust and confidence we’ve earned over the years through the service that we deliver, and through our unwavering commitment to nation-building,” said Ronnie L. Aperocho, Meralco Executive Vice President and Chief Operating Officer, during the company’s Annual Stockholders’ Meeting held on May 27, 2025, at the Meralco Theatre in Pasig City.
In 2024, Meralco showcased an all-time high Consolidated Core Net Income of PHP45.1 billion, surpassing its profit targets and signaling continued strength and resilience. Energy sales also rose 6.4% to 54,325 GWh, driven largely by increased demand attributed to a prolonged El Niño period.
Despite weather disruptions, Meralco expanded its reach, energizing 250,000 brand new accounts and hitting the grand milestone of eight million customers.
To support this growth and improve system resilience, Meralco invested over PHP24 billion in its distribution network in 2024. This included building new substations, upgrading lines, and fortifying infrastructure against calamities.
The company also maintained system loss well below the regulatory cap for the 17th consecutive year, which translated into over PHP5 billion in customer savings. “These upgrades paid off,” Aperocho noted, citing Meralco’s best-ever reliability scores in terms of SAIFI (System Average Interruption Frequency Index) and SAIDI (System Average Interruption Duration Index).
Meralco continued its push toward digitalization, achieving a Customer Satisfaction Score of 8.11 in 2024. Enhancements to the My Meralco app provided customers with 24/7 access to a virtual business center.
The company was also able to complete preparations for a full rollout of Advanced Metering Infrastructure (AMI), or smart meters. “We are about to deploy these smart meters at scale to eventually cover 100% of our customer base—aiming for at least 11 million smart meters within the next decade,” Aperocho said.
Meralco is also embracing distributed energy resources such as rooftop solar, upgrading its infrastructure to accommodate intermittent renewable power. On electric vehicles (EVs), 6% of the company’s fleet has already succeeded in the transition, with a goal of 25% by 2030 under its Green Mobility Program.
The company is exploring nuclear energy through its Nuclear Energy Strategic Transition (NEST) program, and has sent five Filipino scholars to top universities abroad under its FISSION initiative to help build local expertise.
Meralco’s Retail Electricity Supply (RES) business also thrived, gaining market share and achieving higher trading gains. Meanwhile, its non-power subsidiaries contributed to sustainable growth:
- MIESCOR advanced construction of the MTerra Solar plus Battery Project, the largest of its kind globally.
- MSERV conducted over 200 energy audits nationwide.
- Spectrum installed approximately 80 MW of solar PV systems.
- Movem deployed more than 60 EV fast chargers.
- Radius expanded digital connectivity.
- Bayad evolved into a full-fledged digital financial ecosystem.
Meralco’s social development arm, One Meralco Foundation, continued to deliver on its mission to empower and improve underserved communities. In 2024, it energized remote schools in Camarines Norte, Oriental Mindoro, and Palawan, powered rural health centers in Quezon and South Cotabato, and deployed solar-powered irrigation and water systems for farming communities.
“Our commitment to nation-building goes far beyond delivering electricity—it’s about enabling progress, empowering lives, and creating lasting impact,” Aperocho said in closing. “The future is bright for One Meralco. Together, we’re not just helping shape a power sector that is ready for the future—we are prepared to drive it forward.”
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