Manila Electric Co. (Meralco), the country’s largest power distributor, reported consolidated revenue of P60.2 billion in the first quarter of the year, down 4 percent from P62.5 billion a year earlier.
Meralco President Oscar Reyes noted the distribution rate was P1.42 per kilowatt hour (kWh), down 8 percent year-on-year.
The generation charge billed to customers averaged P3.94 per kWh, or 20 percent lower than P4.93 per kWh in 2015, and transmission charges were at P0.91 per kWh or 4 percent lower.
Sales volume grew by 12 percent 9,077 gigawatt-hours (GWh) from 8,092 GWh in the same comparable period.
“Increasing economic activities and continued migration to urban centers have resulted in customer count and increasing number of air-conditioning, refrigeration units installed and usage of electronic devices account of volume growth,” Reyes said.
The number of Meralco customers went up 4 percent to more than 5.8 million, as reflected in the vibrant residential, commercial, and industrial sales.
Residential customers, which account for 92 percent of Meralco’s customer base, rose by almost 204,000 new accounts or 4 percent, Reyes said.
Commercial volume grew by 2 percent and accounted for 40 percent of total sales, driven by the real estate, retail trade, hotel, entertainment, and service industries.
Industrial volume grew by 1 percent year with contributions from the food and beverage and metallic and non-metallic industries.
Betty C. Siy-Yap, Meralco senior vice president and chief financial officer, said the company’s unaudited consolidated core net income amounted to P4.6 billion in January to March, up 4 percent.
She said consolidated net income, which excludes one-time, exceptional charges stood at P4.5 billion, reflecting a 3 percent growth.
“Our success in delivering on our mandate of 24/7 power supply at highly-affordable and competitive prices to all Meralco customers is anchored on building and maintaining a well-structured power supply envelope, operational excellence and continued capital outlay for the network, customer-facing and shared services infrastructure,” Reyes said.