MVP-led Meralco sees higher 2022 core earnings after a solid third quarter

Bilyonaryo Manny V. Pangilinan-led Manila Electric Co. (Meralco) expects to post higher core earnings this year amid a robust performance in the first nine months owing strong power demand.

“Despite the challenges the country is currently facing, including elevated food and energy prices, Meralco expects power demand to continue growing, which makes the energy sector maintain its critical role in supporting economic growth and progress. As we anticipate robust pandemic recovery efforts, there is good indication that Meralco will surpass our 2021 CCNI [consolidated core net income],” Meralco chairman Manuel V. Pangilinan said.

CCNI rose nine percent to P19.6 billion with sales volumes surpassing pre-pandemic levels and the power generation business sustaining growth.

Reported net income increased by 20 percent to P19.8 billion. Consolidated revenues grew 36 percent to P314.9 billion, largely due to higher pass-through charges due to increasing global fuel prices.

Consolidated distribution utility energy sales volumes increased by six percent to 36,553 gigawatt-hours.

Meralco president and CEO Ray C. Espinosa said the company would continue to “energize more households and more businesses while powering the economy with stable, reliable, and cost-competitive electricity.”

The power utility giant ended September with a total of 7.6 million customers, up three percent as energization activities, particularly for mixed-use buildings, condominiums, subdivisions, and retail and telecoms customers continued.

Opec+ likely to maintain oil output levels

Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force.