The Philippines’ largest power distributor, Manila Electric Co. (Meralco), saw double-digit growth in its bottom line in the first half of 2022.
In a news release, Meralco said its consolidated reported net income stood at P13.1 billion, up 32% from P9.9 billion in the same period last year.
The company said its consolidated revenues grew by 34% to P199.6 billion from P149.1 billion “mainly due to the higher pass-through generation and other charges on account of persisting increase in global fuel prices, as well as the revenue contribution of the power generation business which was at Pesos 13.6 billion.”
Meralco said its average retail rate increased by 18% to P9.33 per kilowatt-hour (kWh) from P7.92 per kWh as generation charges, which accounted for about 62% of the total retail rate, went up 30% due to higher fuel costs, peso depreciation and higher spot market prices.
Transmission charges, comprising 9% of the retail rate, also increased by 14%.
Subsidies and taxes, 11% of the retail rate, similarly went up by 12%.
Meralco said it spent P14.2 billion on capital expenditures, of which 62% or P8.7 billion went to Networks CAPEX, which consisted of new connections, asset renewals, and load growth projects, among others.
“While uncertainties and risks remain, we expect that our country will raise the pace of economic recovery under the new government of President Ferdinand Marcos, Jr.,” said Meralco chairman Manuel Pangilinan.
“Meralco will be ready to support the growing power requirements of our customers and the government’s ramped up infrastructure projects and initiatives to help our nation weather the lingering impacts of the pandemic and push forward.”
Pangilinan added that they remained optimistic that Meralco would be able to sustain its financial performance throughout 2022 and deliver on its commitment to customers and shareholders as they pursue investments aimed at further improving their distribution infrastructure and services, building new power capacities to improve aggregate power supply—all to ensure the country’s long-term energy security.
“In this regard, Meralco will work closely with the government of President Marcos and private sector partners towards a united, more resilient, and stronger Philippines,” said Pangilinan. — DVM, GMA News
Meralco nets P13.1 billion in H1, up 32%
Source: News Panda Philippines
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