Net income during the first three months of 2026 dropped 12 percent to P3.8 billion, from P4.4 billion a year ago, as lower electricity output and softer coal shipments dragged overall performance.
About 49 percent of SMPC’s 860 Megawatt (MW) capacity was contracted as of end-March, leaving the rest exposed to spot market swings.
Power drags despite firmer pricing
Power sales fell 22 percent to 1,120 GWh due to weaker plant availability.
Average electricity prices rose 3 percent to P4.54 per kWh on a higher share of contracted volumes, which made up 61 percent of sales, but this also limited upside.
Spot prices in the Luzon-Visayas grid slipped 5 percent to P3.45 per kWh amid softer demand.
Coal steady but not enough
Coal production increased 4 percent to 5.9 million metric tons as mining access improved at the Narra site nearing depletion.
Shipments, however, declined 4 percent to 4.5 million metric tons due to weaker exports, while domestic demand held steady.
Selling prices were flat at P2,479 per metric ton, as a higher mix of lower-grade coal offset gains from stronger global benchmarks, with the Newcastle Index up 13 percent and Indonesian prices up 6 percent.
—Edited by Miguel R. Camus
