Manila Electric Company (MERALCO) reports that the power firm’s core earnings increased by 37%, reaching up to Php 37.1 billion in 2023, due to the participation of the firm’s power generation and retail electricity business on top of the increasing power supply sold by distribution utilities.
In its disclosure to the Philippine Stock Exchange, MERALCO’s core net income, excluding impairment charges, foreign exchange losses, mark-to-market adjustments, and other one-time transactions, amounted to almost Php 77.1 billion in 2023, surpassing the Php 27.1 billion earnings in 2022.
Meanwhile, consolidated revenues saw an increase of 4% at Php 443.6 billion from the former Php 426.5 billion due to contributions of energy sales from the distribution utility, coupled with the ‘downward impact’ of the Distribution Rate True-Up (DRTU) refund in 2022.
“I daresay that Meralco’s 2023 performance has exceeded expectations…Our mission in Meralco goes beyond delivering innovative products and quality services to Filipino consumers,” said MERALCO Chairman and Chief Executive Officer Manuel V. Pangilinan.
The energy firm’s average retail rate also went up to Php 10.55 per kilowatt hour (kWh), amounting to an 11% increase because of the 11% rise in generation charge.
Concurrently, the average distribution charge took up 14% of the retail rate while the approved tariff levied at P1.3522 per kWh.
The consolidated distribution utility energy sales volume also saw an increase of 4%, reaching around 51,044 gigawatt-hours (GWh).
Additionally, MERALCO’s sales distribution laid a strong presence in the commercial sector at 37%, while the residential segment held 35%, and a 28% contribution from the industrial segment.
