Meralco sees 6.3% 2024 sales growth
Higher per capita consumption was observed as an effect of the El Niño phenomenon, which we experienced for most of 2024
Daily TribuneHigher per capita consumption was observed as an effect of the El Niño phenomenon, which we experienced for most of 2024
Meralco, the country’s largest electricity distributor, is projecting a strong 6.3 percent growth in its consolidated sales volume for 2024. Total sales are expected to reach 54,259 gigawatt-hours (GWh) from 51,044 GWh last year.
The projected growth, exceeding the company’s initial target of 53,473 GWh, is largely driven by strong performance in the residential and commercial sectors.
In an interview with reporters, Ferdinand O. Geluz, senior vice president and chief revenue officer of Meralco, expressed confidence in the company’s performance.
A major factor behind the forecasted growth is the continued expansion of Meralco’s customer base, which is expected to surpass 8 million customers by the fourth quarter of 2024. This increase in customer numbers is coupled with higher per capita electricity consumption, which Geluz attributed to the ongoing El Niño phenomenon.
El Niño effect
“Higher per capita consumption was observed as an effect of the El Niño phenomenon, which we experienced for most of 2024,” Geluz said.
The residential sector has shown strong demand, driven by both population growth and increased usage. Meanwhile, the Commercial sector has also seen gains.
“Retail, Real Estate, Hotels and Leisure businesses continued to expand, driving up demand in the Commercial sector,” Geluz added.
However, the industrial sector showed a more modest performance. While Semiconductors, Food & Beverage and Plastics experienced slight growth, other sub-sectors — particularly Steel and Wheeling from Embedded Generation — saw declines.
“The industrial sector remained flattish, with modest growth in some sub-sectors offset by declines in others,” Geluz explained.
Meralco is set to release its official sales figures for 2024 in the second or third week of January 2025.
Building on the growth of the Philippine economy, Meralco has already indicated that it is on track for a record 2024, with profits expected to exceed P43 billion.
