Meralco looking at modest growth in 2026 power sales

MANILA, Philippines —  Pangilinan-led Manila Electric Co. (Meralco) is targeting modest power sales growth in 2026 for its distribution utility (DU) business, aiming to rebound from flat results last year.

“Our target for this year is three percent sales growth,” Meralco chief revenue officer Ferdinand Geluz told reporters yesterday.

The company is counting on a rebound in sales from existing customers as temperatures are projected to normalize starting in the second quarter.

With 180,000 new customers added, Geluz expects Meralco’s energy sales to gain further momentum.

As the country’s biggest private distribution utility, Meralco currently serves over eight million customers in Metro Manila and nearby provinces.

Last year, Meralco revised its power sales growth forecast down to one to two percent from the earlier four to 4.5 percent projection, but it still appeared to have fallen short of that target.

Citing indicative results, Geluz said the Meralco DU saw power sales dip to 53,257 gigawatt-hours in 2025 from 53,606 GWh a year earlier.

Sales from residential and commercial customers both declined last year, while a slight increase in the industrial segment offered the lone bright spot for Meralco.

In particular, residential and commercial sales fell by two percent and 0.5 percent, respectively, while industrial sales posted a one-percent gain.

“We are still in the process of closing analysis of our sales figures. Official figures may be out next week,” the Meralco official said.

For 2026, the company is setting aside up to P30 billion in capital expenditures to further improve and strengthen its distribution networks.