Meralco delivers profitable growth for its shareholders through our five growth platforms and by focusing on key business imperatives. Meralco brings reliable and affordable energy to customers across all segments. In 2022, we touched more lives and industries as Meralco reached 7.6 million customers. This is a 3% increase from 2021’s 7.4 million when electricity consumption in the Meralco franchise area already represented more than 50% of the country’s total electricity consumption. This record number of end-users, coupled with overall higher demand, pushed distribution volume up by 6%, delivering 48,916 GWh of electricity at an average retail rate of PhP9.52 per kilowatt-hour. As a result, Meralco’s electricity sales revenue went up to PhP426.5 billion, demonstrating a noteworthy 34% increase from PhP309.2 billion in the preceding year.

To deliver this, Meralco leveraged its various forms of capital to continuously connect more customers to the grid, boost its hiring and technical capacity, and enhance and digitize its business processes. Meralco spent PhP322.6 billion of financial capital, an increase of 43% from PhP224.9 billion in 2021, to purchase power (natural capital) from generation companies, the wholesale electricity spot market, and other suppliers to meet the electricity needs of its consumers.

Consolidated capital expenditures rose to PhP42.6 billion, 55% higher than PhP27.5 billion in 2021. Of this amount, PhP19.0 billion went to new connections, asset renewals, and load growth projects to improve operational efficiency and enable a more resilient distribution network against extreme weather. These include enhancements to manufactured capital, such as Clark Electric Distribution Corporation’s new power lines, substations, and transformers.

Vital to its success were programs implemented to improve operational efficiency, transparency in the selection of power suppliers, and compliance to protect consumer rights and welfare. Meralco’s social capital with various governmental regulatory agencies enabled this achievement.

Investments in human capital powered the dedication of its workforce. Strategic investments in intellectual capital included the implementation of data-driven centralized control rooms with real-time monitoring, the adoption of digital and mobile technologies to enhance the customer experience, and the implementation of Storm Hardening and Lightning Protection Improvement Programs to serve these initiatives and collectively contribute to Meralco’s commitment to operational excellence and customer satisfaction.

The Meralco brand stands as a vital component of our intellectual capital representing 119 years of expertise in the power industry. It symbolizes our commitment to powering progress and making substantial contributions to nation building amid various challenges including geopolitical, environmental and economic crises. Leveraging the strength of the Meralco brand, we extend our reach beyond the meter, exploring opportunities to expand into other sectors within the power industry and even interrelated industries beyond energy.