Meralco's Nine-Month Core Profit Climbs 12% to P44.8 Billion on Generation, Retail Gains

Manila Electric Co. Reported core consolidated net income of P44.8 billion for the first nine months of 2026, up 12% from P40 billion a year earlier, the Inquirer reported. Chief financial officer Betty Siy-Yap gave the figure at a briefing on Wednesday.

Meralco, led by chairman and CEO Manuel V. Pangilinan, distributes electricity to Metro Manila, Bulacan, Cavite and Rizal as well as parts of Pampanga, Laguna, Batangas and Quezon.

Meralco's Generation and Retail Sales Growth

Sales volume in power generation and retail electricity each rose 7%, to 21,419 GWh and 5,914 GWh, respectively. Overall sales reached 52,017 GWh in the first three quarters. Siy-Yap said the El Niño's warmer temperatures drove up demand for electricity for cooling devices.

The distribution utility business still supplied P20.1 billion, or 45%, of core consolidated profit. Revenues rose 19% to P443.04 billion from P371.76 billion, while total costs and expenses jumped a fifth to P397.7 billion as purchased power costs increased 20% to P338.69 billion.

Pangilinan said the "good" third-quarter performance puts Meralco on track to end 2026 with P56.6 billion in core consolidated net income, an 11.92% increase from P50.57 billion in 2025. "While global uncertainties continue to put pressure on fuel supply and prices, Meralco's diversified portfolio continues to give us greater strength and flexibility to navigate the challenges," he said in a statement.

Meralco said the weakening peso, which has breached the P64-per-dollar mark, will "definitely" affect the company, particularly its pass-through generation costs. Siy-Yap said all of Meralco's debts are peso-denominated. MGEN Renewables Inc., previously SP New Energy Corp. And backed by lawmaker Leandro Leviste, is expected to end 2026 back in the black with a projected net income of P700 million.

Meralco's Rate and Refund Decisions Before the Results

On October 28, 2026, BusinessWorld Online reported that Meralco expects the weakening peso to push electricity rates higher, as over 50% of its power sources depend on foreign exchange. The peso hit a record low of P64.17 per dollar, and Meralco raised its residential rate by P0.3191 per kWh in October.

On October 12, 2026, BusinessWorld Online reported that the Energy Regulatory Commission approved a P2.64-billion refund for Meralco customers, covering excess distribution charges from January to June 2026. The refund will be paid over six months at P0.1020 per kWh, benefiting over eight million customers.

On October 25, 2026, BusinessWorld Online reported that Meralco's third-quarter energy sales volume rose 3.4% on warmer weather and new customer connections, with residential sales up 1.5% to 14,731 GWh and industrial sales flat.

Iberdrola and Fortis Utility Guidance

Iberdrola raised its adjusted net profit growth target for this year to at least 10% from 8% and expects 10% average annual growth over the next five years, Reuters reported on October 21, 2026.

Fortis Inc. Will release its third-quarter 2026 financial results and a new five-year capital outlook for 2027-2031 on November 3, 2026, TradingView reported on October 26, 2026.

Iren Group presented its 2026-2035 business plan, with planned investments of about EUR 1 billion per year, Seeking Alpha reported on October 27, 2026.

Meralco's 900-Megawatt Supply Bidding

Meralco opened bidding for 900 MW of baseload power starting 2031, with 600 MW initially and 300 MW later, BusinessWorld Online reported on September 29, 2026. Power generators had until October 15 to submit expressions of interest, with bids due December 9.