In a report on Aug. 5, the integrated energy company said net income in the second quarter of 2026 rose 17 percent to P4.8 billion from P4.1 billion a year earlier. For the first half, consolidated net income rose 2 percent to P8.6 billion, up from P8.4 billion in the same period last year.
Power drives
The power business accounted for P4.6 billion, or 96 percent of second-quarter earnings, supported by improved plant availability, record electricity generation and higher selling prices.
Total electricity sales climbed 9 percent to a record 1,563 gigawatt-hours (GWh) from 1,435 GWh a year ago as generating units delivered stronger operating performance.
SMPC said 53 percent of electricity sales were sold through the Wholesale Electricity Spot Market, while the remaining 47 percent were supplied under bilateral contracts.
The average selling price also increased 29 percent to P5.81 per kilowatt-hour from P4.51 per kWh, reflecting stronger spot market prices during the quarter.
As of June 30, SMPC had 860 megawatts (MW) of dependable generating capacity, with 52 percent under contract and about 339.8 MW available for spot market sales after accounting for station service requirements.
Coal weakens
The coal business contributed P191 million, or just 4 percent of consolidated quarterly earnings, as lower production and shipments, coupled with higher fuel costs, outweighed the recovery in coal prices.
Coal production plunged 55 percent to 2.5 million metric tons (MMT) from 5.6 MMT, while shipments declined 13 percent to 4.0 MMT from 4.6 MMT.
SMPC attributed the production slowdown to stripping activities at the new Narra block and limited output from the Acacia mine.
The average selling price of Semirara coal, however, rose 27 percent to P2,833 per metric ton from P2,223 per metric ton, supported by stronger global coal benchmark prices. —Ed: Corrie S. Narisma
