(The Philippine Star) | Updated February 23, 2017 - 12:00am
MANILA, Philippines - Manila Electric Co. (Meralco) likely achieved its core net income guidance of P19 billion last year as overall demand bill volume went up.
Meralco chairman Manuel V. Pangilinan told reporters the power distributor is expected to have met its P19 billion core net profit guidance for 2016.
“Overall demand bill volume was slightly above eight percent for the entire year,” he said.
As of end-September last year, Meralco’s core net income reached P14.96 billion, down five percent from P15.8 billion in the same period in 2015.
Earlier, Alfredo Panlilio, senior vice president and head of customer retail services and corporate communications said Meralco breached the 40,000 gigawatt-hour (gwh) consolidated sales volume last year.
Of the total consolidated sales volume last year, the Meralco franchise accounted for 39,500 gwh, while affiliate Clark Energy Development Corp. accounted for more than 500 gwh.
Earlier, Meralco filed an application with the Energy Regulatory Commission to stagger the expected power rate hike following the Malampaya shutdown over a period of three months.
Pangilinan said the move is intended to ease the burden on consumers.
“We were simply just trying to alleviate the pain on the wallet of consumers by making it an installment plan so to speak, because the increase in the power rates and the generation rates was driven mainly by the scheduled maintenance shutdown of the Malampaya gas field,” he said.
“It’s up to the government what to do,” he added.
Under the application, Meralco wants to stagger the recovery of the generation charge from consumers starting March until May.
Meralco’s overall rate for the March billing is expected to increase by about 91.74¢ per kilowatt-hour.
The power distributor wants to impose a generation charge of 30¢ per kwh in March and April, and the remaining balance in May 2017.