Manila Electric Co. (Meralco), the country’s largest electricity distributor, recorded a slight increase in electricity sales in January, reaching 4,061 gigawatt-hours (GWh), up 0.4 percent from 4,045 GWh in the same month last year.

Meralco senior vice president and chief revenue officer Ferdinand Geluz said over the weekend that the marginal growth came despite a high base in January 2024, which saw a surge in demand due to El Niño.

Residential sales rose 0.2 percent to 1,425 GWh from 1,422 GWh, while commercial sales climbed 1.04 percent to 1,564 GWh from 1,548 GWh.

“Both sectors experienced a slowdown in demand, with the impact of long weekend holidays to household consumption and business operations,” Geluz said.

Ind’l sales dip

Industrial sales, however, dipped 0.3 percent to 1,059 GWh from 1,063 GWh, weighed down by “intermittent shutdowns of key accounts in F&B and steel,” he added.

Meralco expects a strong 6.3 percent growth in consolidated sales volume for 2024, with total sales projected to reach 54,259 GWh from 51,044 GWh last year. The forecast exceeds the company’s initial target of 53,473 GWh, driven by strong residential and commercial sector 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.

Meralco is set to release its full-year 2024 financial results on 24 February.