- San Miguel Corp. (SMC) became the Philippines’ largest power producer in 2024, surpassing its competitors with 6,079.6 MW capacity and a 22.4% market share.
- Aboitiz Equity Ventures Inc. (AEV) followed with 5,894.5 MW, while First Gen Corp. retained third place with 3,582.9 MW; Meralco and Ayala Corp. held smaller shares.
San Miguel Corp. (SMC), led by tycoon Ramon S. Ang, has become the Philippines’ largest power producer. The company surpassed its competitors in 2024, taking the top spot in installed generating capacity and market share.
According to data from the Energy Regulatory Commission (ERC) released on Monday, March 17, SMC ended 2024 with a total capacity of 6,079.6 megawatts (MW). This gave the company a 22.4% share of the national market. In 2023, SMC had 5,057.3 MW and a 19.78% share.
Aboitiz Equity Ventures Inc. (AEV), the investment arm of the Aboitiz Group, came second with 5,894.5 MW, or 21.75% of the market. AEV’s share decreased slightly from 22.47% in 2023 when it had 5,745.2 MW.
First Gen Corp. stayed in third place with a capacity of 3,582.9 MW, making up 13.22% of the grid. Despite increasing its capacity from 3,392.8 MW in 2023, its market share dropped slightly from 13.27%.
Manila Electric Co. (Meralco) followed with 1,467.3 MW, accounting for 5.42% of the market. Ayala Corp. had 1,431.3 MW, representing 5.28% of the grid.
Under the Electric Power Industry Reform Act of 2001, no company or group can own, operate, or control more than 30% of a grid’s installed generating capacity or more than 25% of the national market share.
For 2025, the ERC has set the annual cap for the national grid’s installed generating capacity at 27,096.04 MW. The market share ceiling is 25%, or 6,774 MW. However, these numbers may change depending on the capacity of generation facilities.
The ERC also mentioned that changes in ownership of large generation facilities have not yet been reflected in the data. Once this information is available, the 2025 Installed Generation Capacity (IGC) and Market Share Limit (MSL) will be adjusted.