Manila Electric Company (Meralco) expects electricity sales to remain flat this year despite an increase in customers, with growth seen returning in 2026 once demand normalizes after last year’s extreme heat.

Meralco Senior Vice President and Chief Revenue Officer Ferdinand Geluz said total customers have increased by about 194,000, bringing the utility’s customer base to 8.18 million. The new connections added roughly 750 gigawatt-hours (GWh) in consumption, but this was offset by lower usage as temperatures returned to normal levels.

“We had an organic contraction, technically because of the extreme temperatures last year compared to this year. We lost around 910 GWh,” Geluz said on the sidelines of the Asia Clean Energy Summit 2025 in Singapore.

“The good thing is, with our aggressive energizati

on this year, that will generate a lot of sales next year. As temperatures normalize, we expect recovery,” he said.

Geluz noted that Meralco expects a rebound of around 1,700 megawatt-hours—or just over 3%—in 2026, driven by continued customer energization and the repurposing of properties vacated by Philippine Offshore Gaming Operators (POGOs).

“Some of the office and condominium spaces vacated by Pogos are being repurposed. For example, Island Cove was bought by EEI and will be developed into a township. We’re already in talks with them,” he said.

For the first nine months of 2025, Meralco reported a 14% increase in consolidated core net income to PHP 40 billion, lifted by higher generation earnings and steady distribution demand. Reported net income grew 9% to PHP 36.8 billion, while consolidated revenues rose 5% to PHP 371.8 billion.

Consolidated reported net income rose 9% to ₱36.8 billion, while revenues climbed 5% to PHP 371.8 billion, mainly due to higher generation and transmission charges that offset lower spot market prices earlier in the year.

Distribution sales volume remained steady at 40,719 gigawatt-hours (GWh), as commercial sales grew 3% on the back of continued expansion in the retail, hotel, and services sectors. Industrial demand slipped 1% due to weaker global demand for semiconductors and electronics, while residential sales were largely unchanged.

Including subsidiaries, total energy sales reached 50,880 GWh, up 1% year-on-year. Meralco’s customer base expanded 3% to 7.8 million as of end-September, with most new connections coming from the residential and commercial segments.

Despite severe weather in the third quarter, Meralco maintained a 99.94% system reliability rating, keeping service continuity within regulatory standards.

How will repurposed office spaces and new connections reshape electricity demand next year?

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