• Net income settles at P13.1 billion, down 33 percent year on year
• Record coal production of 19.9 million metric tons in 2025
• Electricity sales reach all-time high of 5,296 gigawatt-hours
• Softer coal and power prices offset stronger operational output
Semirara Mining and Power Corp. posted P13.1 billion in net income for full-year 2025, down 33 percent from P19.6 billion a year earlier, as energy prices normalized even while the company delivered record coal production and electricity sales.
The integrated energy company said the year’s results reflected softer global coal benchmarks and lower electricity prices in the spot market, which offset gains from higher output and improved plant reliability.
“Prices were softer this year, but our operations still delivered record coal production and electricity sales. We’re also working to broaden our markets while keeping our mines and power plants running well,” said SMPC president, chief operating officer and chief sustainability officer Maria Cristina C. Gotianun.
Market backdrop
Coal benchmarks declined during the year as global markets stabilized. The average Newcastle Index fell 22 percent to US$105.6 from US$135.2, while the Indonesian Coal Index 4 declined 15 percent to US$46.1 from US$53.9.
Electricity prices in the Luzon-Visayas grid also softened, with average spot prices falling 27 percent to P3.73 per kilowatt-hour from P5.14 per kilowatt-hour, reflecting wider supply margins in the Wholesale Electricity Spot Market.
Coal operations
Coal production climbed 24 percent to a record 19.9 million metric tons from 16 million metric tons in 2024 following improved access to coal seams at the Narra mine and regulatory approval for 20 million metric tons annual capacity.
Total shipments reached 15.4 million metric tons, down 7 percent from 16.5 million metric tons, largely due to export shipment timing and softer demand for lower calorific coal.
Average selling price for Semirara coal declined 19 percent to P2,302 per metric ton from P2,853.
Power operations
Electricity sales rose 7 percent to a record 5,296 gigawatt-hours from 4,945 gigawatt-hours, supported by improved plant reliability.
Gross generation increased 6 percent to 5,695 gigawatt-hours from 5,358 gigawatt-hours a year earlier.
Of total electricity sold, 54 percent went to the spot market while 46 percent was delivered through bilateral contract quantities.
Average electricity selling price slipped 8 percent to P4.38 per kilowatt-hour from P4.75 per kilowatt-hour.
—Edited by Miguel R. Camus
