SMC climbs to top spot in power generation

San Miguel Corp. (SMC), the diversified conglomerate led by tycoon Ramon S. Ang, has surged ahead of its competitors to become the country’s largest power producer in terms of installed generating capacity and market share last year, rising from second place in 2023.

According to data released by the Energy Regulatory Commission (ERC) on Monday, SMC ended 2024 with a total capacity of 6,079.6 megawatts (MW), capturing 22.4 percent of the national market share. It marked an increase from the 5,057.3 MW and 19.78 percent share it held in 2023.

Aboitiz Equity Ventures Inc. (AEV), the investment arm of the Aboitiz Group, which controls Aboitiz Power Corp., followed closely behind with 5,894.5 MW, accounting for 21.75 percent of the market share. While still a key player, AEV’s share slipped slightly from 22.47 percent in 2023 when it had 5,745.2 MW.

First Gen Corp. retained the third spot with a capacity of 3,582.9 MW, representing 13.22 percent of the national grid. Although the company increased its capacity from 3,392.8 MW in 2023, its market share experienced a slight decline from 13.27 percent.

Manila Electric Co. (Meralco) followed with 1,467.3 MW, capturing 5.42 percent of the national market, while Ayala Corp. held a capacity of 1,431.3 MW, accounting for 5.28 percent of the grid.

Under the Electric Power Industry Reform Act of 2001, no company or related group is allowed to own, operate, or control more than 30 percent of the installed generating capacity of a grid or more than 25 percent of the national market share.

For this year, the ERC has set an annual cap for the national grid's installed generating capacity at 27,096.04 MW, with a market share ceiling of 25 percent, or 6,774 MW. However, these figures are subject to adjustment depending on the maximum capacity of generation facilities.

“The Commission noted, however, certain industry developments — such as the change in ownership of some large generation facilities — that have not been reflected in the data set. Once ready and available, the 2025 IGC and MSL shall be adjusted accordingly,” the ERC said.