I am Claire Feliciano, and I will be moderating today's briefing here at the Pasig room of the Lopez Building inside the Meralco Operating Center. We have guests, analysts, and investors present here at the Pasig room, and we have also set up a conference call facility via MS Teams for our online participants. Before we proceed any further, please be advised that this conference call is recorded. Kindly follow the ground rules which were sent to you beforehand.
We will be presenting the financial and operating results of Meralco for the quarter ended March 31, 2024. A copy of the presentation may be downloaded from our website at www.meralco.com.ph under the investor relations section. We have members of Meralco's management team in this briefing and our corporate officers who will be presenting. Mr. Ferdinand Geluz, SVP and Chief Revenue Officer. Ms. Betty Siy-Yap, SVP and Chief Finance Officer.
Mr. Froilan Savet, FVP and Head of Networks. Attorney Jose Ronald V. Valles, FVP and Head of Regulatory Affairs and DU Regulatory Management. Mr. Jaime Azurin, President and CEO of Meralco PowerGen Corporation. We will begin the presentation with the financial highlights, followed by the operating results of Meralco's DU business, and then highlights from Meralco PowerGen Corporation. After all the presentations are done, we will allot time for the Q&A. At this point, I would now like to introduce our Chief Finance Officer, Ms. Betty Siy-Yap, for the financial results.
Thank you, Claire. Good afternoon, ladies and gentlemen. I will be presenting the results for the first quarter ended March 31, 2024. Up on the screen is our financial summary. Our consolidated core net income for the quarter ended March 31, 2024, rose by 11% to PHP 10.1 billion from PHP 9 billion in 2023 on the back of higher energy sales volume of the distribution business and continuing contributions from power generation, retail electricity, and the non-power businesses.
Consolidated reported net income increased by 19% to PHP 9.6 billion from PHP 8.1 billion, while core EBITDA increased by 15% from PHP 15.5 billion last year to PHP 17.8 billion this quarter. The gap between CCNI and consolidated reported net income represents accounting amortization of day one gain adjustment, net of foreign exchange gains and other non-recurring gain, which includes gain and sale of asset at the Global Power level.
Consolidated revenues amounted to PHP 104.5 billion, slightly lower than PHP 105.6 billion in 2023, mainly due to lower pass-through charges and energy fees. Costs and expenses decreased by 5%, the bulk of which is still purchase power cost, which accounted for 82% of the total. Capital expenditures totaled PHP 9.4 billion, largely for distribution network projects, development of renewable energy projects, and acquisition and construction of telecommunications tower.
Our cash and cash equivalents amounted to PHP 94.5 billion, while consolidated debt was at PHP 100 billion. The next slide shows our consolidated core net income. Of the total CCNI, the distribution business accounted for 58% or PHP 5.8 billion, while power generation brought in PHP 2.7 billion or 27%. The other non-regulated businesses accounted for PHP 1.5 billion or 15%. Contribution to total CCNI for unregulated business was at 42% compared with the higher 51% a year ago.
The power generation business through MGEN delivered a total of 3,229 GWh of energy in the first quarter. MGen's total capacity in the Philippines and Singapore was at 2,368 MW net as of March 31, with the addition of a total of 195.5 MWac of renewable energy since April of 2023. Power generation contribution declined as a result of scheduled maintenance outages of a number of plants, which include Cebu Energy, Panay Energy , Sarangani, San Buenaventura, and Unit 10 of PacificLight, as well as a lower coal price in Singapore in the first quarter.
Meralco continued to deliver competitively priced power to contestable customers through its local RES units, MPower and CoGen, as well as its affiliate RES units, which are MGEN's Global Energy Supply Corporation and two other companies, which are Vantage Energy and MeridianX. As at end of March, the total energy delivered by RES business stood at 1,568 GWh . Our regulated business or distribution utility share in CCNI increased to 58% from 49% a year ago as volume sold grew by 9% because of the double-digit growth in residential and commercial customers and 3% increase in industrial sales.
Consolidated revenues amounted to PHP 104.5 billion, as mentioned, slightly lower than last year because of the lower pass-through charges. This came as a result of the decline in the spot market price in Luzon, the lower Malampaya gas prices, as well as lower international coal prices, and the lower plant availability of the plants which went on maintenance. Electric revenues totaled PHP 101.4 billion or 97% of the total. Generation transmission and other pass-through charges were flat at PHP 80 billion.
The impact of the 9% DU volume growth was offset by lower generation charges because of the lower prices mentioned earlier. Average WESM price in Luzon went down to PHP 4.65/kWh from an average of PHP 6.57/kWh following the improved supply situation in the grid during the quarter. Even as peak demand during the first quarter was higher by 112 MW compared with a year ago because of the relatively warmer temperature.
The average Malampaya natural gas price decreased to $9.94 per gigajoule as of the end of March 2024 versus $10.08 a year ago because of the lower oil indices. Meanwhile, the Newcastle coal index fell to an average of $125.6 per metric ton versus $247.81 for the comparative period. With our distribution tariff flat at PHP 1.35/kWh , distribution revenue increased by 9%, or PHP 16.6 billion from PHP 15.3 billion as a growth in volume. Energy fees, which totaled PHP 5.2 billion, decreased by 25% due to lower plant availability.
Our non-power revenues was at PHP 3.2 billion. Total costs and expenses in the first quarter totaled PHP 93.4 billion. Purchased power accounted for 82%, OpEx represented 10%, depreciation 5%, and the combined coal and fuel, as well as power plant O&M accounted for the balance of 3%. Purchase power decreased by 3% to PHP 76.5 billion consistent with the lower pass-through revenues. Operating expense increased by 3% with the intensified maintenance of line distribution facilities in preparation for the summer peak and the rainy season after.
The higher customer-related costs due to the increase in customer count, resumption of the annual update of bill deposits, letter deliveries, expenses also added to the O&M. In addition, we took in the SPNEC G&A expenses as we consolidate the numbers with the controlling stake that we took in December of 2023. Depreciation and amortization increased by 12% with the completed capital expenditure, as well as the additional towers that were acquired by MIDC.
Combined coal and fuel power plant O&M totaled PHP 3.3 billion, lower because of the scheduled outage. Other expenses largely pertain to reversals of provisions with the settlement of real property taxes, fuel recoveries, reservation costs, and accounting adjustment with respect to IFRIC 23 and net of provisions for overrecoveries. With respect to our capital expenditures, we spent a total of PHP 9.4 billion with 65% for DU capital expenditures, which comprise largely of CapEx related to new connections, asset renewals, and load growth projects.
Power generation CapEx accounted for 14% for the ongoing construction of three power plants, which are phase II of the Baras Solar Power plant, the 49 MW Grenergy project, and the 18.75 MWac Greentech Bongabon project. Our subsidiary's CapEx represent 21%, and again, the bulk of which would be the towers that were transferred from Globe to MIDC, plus the build-to-suit towers that were completed during the period. On the power generation side, our Singapore-based PacificLight recorded CCNI of SGD 55.2 million or an equivalent PHP 2.3 billion, lower than last year's SGD 131 million or an equivalent PHP 5.4 billion.
On account of lower volume, which is 1,048 GWh compared with 1,327 GWh. This is mainly due to the outage days, which is 42.9 plant outage days for unit 10 upgrade. Moving ahead, PacificLight is set to supply 100 MW of fast start ancillary service in Singapore starting April of 2025 after it won the EMA bid for a 25-year contract. SBPL, which is 51% owned by MGEN booked a core net income of PHP 465 million, down from the PHP 911 million in 2023, mainly on account of the first ever maintenance shutdown since it started operations in 2019.
They came back on stream in early part of January. After they came back, their average plant availability is at 99% average for the months of February and March. Their full capacity is contracted with Meralco. GBP posted CCNI of PHP 273 million, slightly lower than last year's PHP 295 million, again, because of the plant availability. All of these outages are scheduled in preparation for the summer requirements. The lower revenue was partially offset by higher gross margins that PEDC realized from WESM and revenue from the reserves market.
GBP delivered a total of 1,177 GWh of energy from its portfolio of coal and oil plants with a net capacity of 831 MW, of which 633 MW are under contracted BSAs. MGEN, MGEN renewable arm, MGreen reported a PHP 46 million CCNI from its five operating solar plants, with a total of 163 GWh of energy delivered from the 55 MW solar plant of BulacanSol, 68 MW solar plant of Nuevo Solar, 67.5 MW phase I of Baras, 50 MW solar plant of S P Calatagan, and another 78 MW of S P Tarlac.
Our consolidated interest-bearing debt stood at PHP 100.8 billion, including PHP 55.5 billion debt of our subsidiaries. Our debt is spread through 2037. Net debt as of the end of the first quarter is at PHP 1.2 billion, with net debt to EBITDA of 0.02x . All of our consolidated debt are denominated in Philippine peso. Our cash and cash equivalents amounted to PHP 94.5 billion, while our short-term investments totaled PHP 5.1 billion. Our long-term cash investments is about PHP 20 billion. We ended the first quarter with core earnings per share of PHP 8.946 a share, up 11% compared with last year, versus reported earnings per share of PHP 8.514, which is 19% higher compared with last year. That ends my report.
Thank you, Ma'am Betty. We will now move on to the operating results presentation to be led by our SVP and Chief Revenue Officer, Mr. Ferdinand Geluz, to be followed by heads of the different business segments.
Okay. Good afternoon. On to the quarter one 2024 distribution operational highlights. As a summary, in terms of energy sales, our energy sales at 12,307 GWh is actually a 9% growth versus same period last year. And our customer count, due to healthy energization, grew more than 200,000 customers. So we are now at 7.88 million customers. Our net system input is at 12,719 GWh , a 9.1% increase versus quarter one 2023. And in terms of peak demand, at 7.71 GW, it is actually flattish compared to last year. But of course, in April, we are seeing as high as 9.3 GW. Already surpassing the 2023 high last year.
On service performance, system loss 12-month moving average is at 5.9%, a slight increase compared to 5.62% of March 2023, owing to the still large share of presidential customers, which is actually high technical loss in terms of to serve because of longer lines. Our total system average interruption frequency index is at 0.208x , so this is actually 13% better or shorter. Or times versus 0.24x in quarter one 2023. In terms of system average interruption duration index at 22.4 minutes, so this is actually 4% better than 23.34 minutes in 2023.
While our average time to connect, so this is from the time the customer is ready for connection, it took us one point seven days, so slightly longer. But all of these service performance are well within the regulatory metrics acceptable limits. Electricity rate. The average retail rate, meanwhile, stood at PHP 10.78/kWh , slightly higher compared to the PHP 10.41/kWh in Q1 2023 on the average. Take note that distribution rates remains the same.
All other components actually contributed to the increase. On to the energy sales details. Well, as mentioned, the first three months of 2024 registered at 12,307 GWh , 9%, or this is actually more than 1,000 GWh higher compared to same period last year. Driven by growth on all segment, but mainly on double-digit growth of commercial and residential segments. While we saw a modest growth of industrial at 3%. On the details on commercial segments, surpassed pre-pandemic Q1 volumes, and was propelled by increase in business activities and expansion initiatives on certain sub-segments.
Real estate grew double digit at 11% as office market expanded on central business districts with new entrants and more notably, contact center services. Retail trade also grew 11% and restaurant grew 14%. As small operators repurpose spaces into modern multifaceted hubs and, of course, the energization of new malls like SM Santo Tomas , SM MO A North, and Gateway Mall 2 to boost consumption ramp up this period. Hotels have the highest growth at 14%, which sustained the arrival of tourists exceeding Department of Tourism's projection.
And of course, new hotels are also being energized. An example of this is the one in Solaire Resort, Quezon City, which is starting to ramp up its consumption. On the residential segment, residential segment grew 12% as usage of cooling appliances increased due to the effect of tail end of El Niño. While there were only 0.5 degree centigrade rise in average temperature, we experienced drier first quarter compared to last year, which actually drove the real feel temperature higher.
For the industrial segment, the industrial segment does show a sign of bounce back as semiconductors and electronics scaled up operations, as well as food and beverage, which increased production to meet demand. Our semiconductor sub-segment increased by 5% compared to quarter one 2023, as the major company, Samsung, the largest one, increased production of multilayer ceramic capacitor to support the growing automotive industry. And Toshiba, one of the producers, expanded with new products that demand higher consumption for testing.
They actually shifted their product to support the data center industry. For food and beverage, it also increased 6% as non-alcoholic beverage manufacturers ramp up for the peak summer months as well, and plastics as well, increased 6% as the demand for food packaging and construction plastics grew. As an additional information, Meralco volume actually grew 9%, while Clark Electric Distribution grew 6%. But of course, in totality, it is still up 9% as Clark Electric Distribution contributes a smaller volume in terms of share. I now turn you over to Froilan for the networks report.
Thank you. Good afternoon. We are pleased to report that in the first quarter, we commissioned four major CapEx projects. On January 14, we energized a new 100 MVA power transformer which replaced the 40-year-old unit of Taguig. This project will ensure service reliability for the customers in Taguig City, Makati, Pasig, and the municipalities of Pateros, Cainta, and Taytay, Rizal. On February 29, we also energized a new 83 MVA power transformer at Abubot substation in Cavite.
This project will address load growth in the areas of Dasmariñas, Imus, General Trias. The third project is the operating of Pamplona, San Pedro 115 kV line, which was completed on March 21. This 8 km length line along South Super Highway was operated using a 179 pipe HDPE, which will allow the accommodation of new embedded generators, particularly floating solar along the shoreline of Biñan and San Pedro.
Likewise, this will also increase the operational flexibility and load shifting of the sub-transmission system. Lastly, on March 27, we commissioned a new 115 kV GIS under the reliability improvement of Malinta substation. This project involves the conversion of the substation's old switchyard into a modern indoor-type double bus configuration GIS. This will enhance both the reliability and flexibility of the substation and the 115 kV sub-transmission system.
We are also pleased to share that an additional ramp of the NAIAx along Tramo Boulevard in Pasay City opened on March 1. Meralco completed the relocation of 51 distribution poles affected by the project. With this, the additional ramp will enhance the accessibility of NAIA terminals one and two for vehicles coming from EDSA southbound. I am now turning you over to Attorney Valles for the regulatory updates.
Good afternoon. For the regulatory update, let's start with the measures we've taken to address the summer months this year. First, we bidded the CSP for the 400 MW, and following the conclusion of that CSP, the Meralco Bids and Awards Committee found the bid submitted by Limay Power to be the best bid, with a total headline rate of PHP 6.27/kWh . You will see on the table, in your screen, the comparison of the rate between or among the different power suppliers with the LPI rate turning out to be the cheapest.
It is much lower than the First Gas rate and other EPSAs that we have executed the previous year, including the WESM forecast for the same period. We executed that PSA last March 20 and filed a joint application with the ERC last April 19. Last April 26, we filed the urgent motion to resolve the provisional authority due to the recent red and yellow alerts and high prices in the WESM. We also executed a PSA or EPSA with operations effective date beginning March 26, 2024.
This is intended to supply power to Meralco during the period from March 26, 2024, until such time that the ERC shall have approved the PSA with SPPC for the supply of the same 1,200 MW, which SPPC won in a recently concluded CSP. This 1,200 MW PSA with SPPC replaces the 1,180 MW EPSAs with Therma Luzon, Incorporated and SPPC that were executed last April and August 2023 respectively. These EPSAs are effective only until March 25, 2024. Again, on your screen, the rate comparison with the different power suppliers including the WESM.
The WESM rate turns out to be the highest or one of the highest, including the current bills of Meralco, FGPC, or First Gas Power Corporation using LNG. We filed a joint application with ERC for the approval of the EPSA last April 24, and also the urgent motion to resolve the prayer for provisional authority last April 26. This EPSA has already been implemented because it is allowed by the rules to be implemented pending ERC approval. The other one is the contract for the sale of electric energy with [PEDC] for the contract capacity of up to 1,100 MW net peaking beginning May 26, 2024.
This is on top of the 1,200 MW EPSA and the rate is shown on your screen. The average plant gate rate is PHP 6.13. With the FBHC, that will be PHP 6.16. The CSEE between Meralco and [PEDC] are expected to be signed within the week and shall be filed jointly before the ERC. Finally, with respect to the reported 260 MW peaking requirement that was approved by the Department of Energy in the PSPP, on March 8, 2024, the PSA officially declared a failure of bidding for the second round of the CSP and commenced direct negotiation with the power supplier.
On March 18, the San Roque Hydropower sent its offer to Meralco for the 260 MW net. However, on April 13, Meralco received a letter from the same company withdrawing their offer, stating that it will not be able to generate a significant portion of the 260 MW peaking capacity for the required period due to El Niño. Since we did not receive any offer from other power suppliers, we concluded that process already. That's it for the regulatory update. Thank you very much. Turning you now to Mr. Jaime Azurin.
For the power generation group, we were able to deliver 3,229 GWh of energy during the first three months of 2024. This is lower against the previous year due to the scheduled preventive maintenance of our plants. Of the 2,575 gross capacity, around 1,200 MW completed its preventive maintenance or major overhaul during the first quarter. GBP's energy delivered decreased by 20% compared to last year, reaching 1,177 GWh .
This is a result of the plant's preventive maintenance. Meanwhile, for our San Buenaventura plant, both planned and unplanned outages tempered delivered energy to 561 GWh , an average plant availability of 71%. Our Singapore-based subsidiary, PacificLight, also saw a decrease of its energy delivered to 1,327 GWh on account of its advanced turbine efficiency package upgrade, which was completed last February.
We'd like to acknowledge the presence of our Chairman and CEO, Mr. Manuel Pangilinan, and our EVP and COO, Mr. Ronnie Aperocho.
Lastly, MGreen, the renewable energy unit of MGEN Group, delivered a total of 164 GWh of energy, supported by the operations of Currimao and Baras solar power plants, as well as the acquisition of SP New Energy Corp. As we move forward with our low-carbon energy transition journey, we've seen notable progress in the first quarter of the year. In January, MGreen increased its stake in SPNEC from 50.53%- 53.66% through the acquisition of an additional 2.17 billion of SPNEC shares. It was also announced by the MSCI Philippines that SPNEC now is included in the small cap index.
In the same month, we held an EPC contract signing with SUMEC Complete Equipment and Engineering Company Limited. for our solar projects in Bongabon and Cordon. In February, the said projects saw considerable development as we broke ground. Greentech Solar Energy, a wholly owned subsidiary of MGreen, commenced construction of its 18.75 MWac solar power plant in Bongabon, Nueva Ecija. Similarly, Green Energy for Global Inc, another subsidiary of MGreen, marked the ceremonial start of its 49 MWac solar power plant in Cordon, Isabela.
Moreover, in March, we entered into an investment agreement with the Aboitiz Power in Chromite Gas Holdings, where CGHI will be investing in two of San Miguel gas-fired power plants, namely the 1,278 Ilijan power plant and a new 1,320 combined cycle power plant facility expected to commence operations by the end of 2024. Once operational, this will be the country's first and one of the most expansive integrated liquefied natural gas facility in Batangas. Looking forward, we anticipate further progress in our efforts to low carbon transition as we continue to dedicate ourselves to providing cleaner and more sustainable energy to the market. Thank you.
Thank you, Sir Jaime. The last presentation will be the sustainability report of Mr. Raymond Ravelo, Chief Sustainability Officer.
Thank you, Claire. Good afternoon, Chairman M.V.P. Good afternoon, everyone. We are very pleased to share some brief updates on the sustainability front. First, international ESG rater CDP, formerly known as the Carbon Disclosure Project, maintained its assessment of Meralco's performance at a grade of C with regard to our impact on both climate change and on water security. This score of C is in line with the average score among companies globally. On climate change, we were recognized for our strong performance on greenhouse gas emissions reporting and on our management of climate risk.
On water security, our remarkable performance on water conservation and on our governance of water-related risks was likewise highlighted in CDP's latest report. Next, our 2022 combined annual and sustainability report entitled SIKAT was recognized by the Asia Sustainability Reporting Awards or ASRA with a Gold award in the best workplace reporting category, besting companies such as Singtel of Singapore, which came in in Silver, and Innolux of Taiwan, which came in with the Bronze.
SIKAT stood out as the lone Gold winner from the Philippines among participants from 15 countries across the region. Finally, Meralco was also recognized in April, earlier this month, at the 11th Asia Pacific Stevie Awards. In particular, we were awarded five Stevies, three Golds, one Silver, and one Bronze. Of these five Stevies, three are sustainability related. We received Gold Stevies for first our MS cubed or Meralco Supplier Sustainability Scorecard in the building sustainable supply chains category.
This is an effort spearheaded by the supply chain management team of Meralco, where we embed sustainability in our vendor accreditation process, providing us a view of the ESG performance of our suppliers vis-a-vis the United Nations Sustainable Development Goals and versus our own Meralco sustainability agenda and standards.
MS cubed was a lone winner in this category. We likewise won Golds for our Giga Summit on sustainable energy efficiency, and the future grid, and also for our Meralco Facebook page in the thought leadership campaign of the year and most innovative Facebook page categories, respectively. Lastly, we were also recognized with a Silver Stevie for our Race to Zero Waste program, our overarching waste management program here in Meralco. That is in the reuse and recycle category, and also a Bronze Stevie in the climate hero of the year category. Thank you very much.
Thank you, Sir Raymond. We will now proceed with the Q&A. To our analysts and investors, kindly state your name and the company that you represent before asking your question. Please also state the name of the executive you would like to address the question to. To those who are joining us via Microsoft Teams, you may raise your virtual hand and please wait to be recognized before you speak. Alternatively, you may also type your questions into chat box and I will be reading them for our executives. For those here with us at the Pasig room, you may raise your hand and approach any of our microphones to ask your question. The floor is now open for questions.
Hello, good afternoon, everyone. This is Jelline Gaza from JP Morgan. My first question is about the profit guidance that you have for this year. I do recall that last quarter, there were talks about at least best efforts maintaining the profit made last year. What drove the increase in the guidance? That's my first question.
That's generally PHP 40 billion. I think it will come from the three major sources of profit contribution to Meralco or the DU. You've seen the growth of the DU. The build volumes are up, especially given this warm weather. I think generally speaking, we've seen that there's robust demand across our businesses. We are actually quite bullish about the economic growth this year. Maybe slightly better than we expected. The DU will continue to perform well. The first quarter is ahead in profit terms by 12%, and we expect that to continue.
The April volumes are ahead by 10%, compared to March this year. Whilst it may not continue at that rate, I think it might continue through May, and depending on the weather conditions in June, let's see how that happens. The DU is expected to record higher revenues and EBITA and profitability for this year. The RES has done very well for the first quarter. It's probably hard to sustain that. Compared to last year, it was slightly more than double the income that it reported in 2023. Of course, some of it are related to trading gains, but it should perform better than it did in 2023.
The generation units were affected by the scheduled outages, scheduled maintenance periods in the first quarter of this year, principally January and part of February. That's why the volumes are down. Volumes produced in the first quarter are down compared to last year by about 11%. But that has since been normalized starting March. That's why profits were up in March compared to last year. And then we expect the profits for the balance of the year, the nine months, to be similar to the nine months last year. Broadly similar.
We expect some recovery on the generation side in the last nine months. Then on Chromite, which is the gas plants, that will have probably more the same impact. So it depends on when we can close. The application with the Philippine Competition Commission has not been filed yet. I think it's scheduled to be filed on May 7. So maybe it take them three months, six months, we don't know yet. But in terms of budgeting processes, we have moved the approvals from government towards the fourth quarter this year. So it will have some impact, but not large for 2024.
Thank you for the color, sir M.V.P. I think in relation to that, how about dividend payout? What can we reasonably expect knowing that you will also have to pay the Chromite acquisition? Yes.
SPNEC. [inaudible] the impact of SPNEC would be sometime maybe second quarter of 2026. Because it will take them that much time to build. It will be done in stages, in phases. [Non-English content] the entire 3,005 will come online at the same time. We won't do it that way, so it come in phases. Most likely, maybe 1,500 MW by the second quarter of 2026, where the first phase will be energized. Then, thereafter in stages as well, until the full 3,500 MW is built all the way up to maybe 2027, 2028. What's on the critical path now is not so much the land, the titling and the conversion, because we have at least 1,400 hectares that are now titled and converted.
The two issues that are looming ahead of us, number one is the supply chain. Although we've met with suppliers from China, I think they can supply us with the relevant batteries and solar panels. The second key element is the transmission line from the solar plant to the grid, to NGCP, which is about 13 km. So now we're in the process of acquiring the land. I think the route has been defined together with NGCP. So we're coordinating with them, and we're coordinating with SPNEC and they have the lease for the land acquisition.
It won't be easy because Meralco has been disclosed as a partner, as investor in SPNEC, so obviously the prices have gone up. And whilst the kind of land that we need won't be as big along the route of, say, 10 hectares per landowner. But of course, the landowners now are now purchasing my entire property, but at elevated prices. So it will be challenging, because that transmission has got to be finished. Otherwise, no power. Yes.
Yeah. Yeah. And sir, lastly, for me, the dividend payout that we can reasonably expect for the year, because last year it was a little bit lower than the payout. Yes, sir.
What is our dividend yield now?
Last year?
PHP 5.5?
Dividend yield?
Yeah. We wanted that 6%. Well, yeah, we will take a look at it.
Thank you, sir.
Because we are trading at about-- If you use the forward earnings multiple, we are trading about 10x . Is the share price up today? It probably went down because we reported good numbers.
We have three questions from German de la Paz from Abacus Securities. Any updates on rate rebasing? Second question, any indications on April sales volume, I think. Third question, any more scheduled outages for the rest of the year?
Hi, Herman. For the first question, we are still awaiting from the ERC the decision on the motion for withdrawal that we have filed last year. We are asking the ERC to allow us to withdraw, considering that the first two years of the 5RP should be considered as part of the lapsed period already. Meralco should be allowed to refile its application, considering a new regulatory period of four years. We are still awaiting the order of the ERC on that point. In the meantime, while that is pending, the ERC has not released any new notice of hearing for the 5RP that is still pending up to now.
I will take on number two. For the sales volume for April, I think we are looking at around 4,600 GWh . The gentleman is right, indicating that is more than 10% better than the 4,100+ GWh we have in March, and around 8% better than April last year, which stood at around 4,250 GWh. 4,600 GWh is about the number that we are looking at, given a few billing days. Any more scheduled outage, is it for Jaime?
Yeah. For the scheduled outage, we still have about 5 units for the second half of this year. But only 1 unit per month.
Thank you, sirs. Another question from Gio. Gio from Regis Partners. Will Meralco's purchase price for the SMC gas-fired plants be adjusted if the operation of the new gas plant is delayed? How confident is the management that the completion or operation of the new gas facility will not be delayed?
The purchase price is based on the capacity. For now, Ilijan is operating, so we are just waiting for the two regulatory agencies' approval, which are PCC, but we still have to file May 7, and then the ERC approval of the PSA. Note that the PSA covers. Ilijan has recently won the 1,200 MW PSA, and then for Excellent, it is expected to be on stream end of this year. No, December. December of this year. That was also the basis of the purchase price, Gio.
Next question from Eunice [Dalatra] from Security Bank. Would like to confirm again your guidance on RE. How much is the total megawatt commitment and the pace of these additions? Also, if you can share any guidance on when we can expect SPNEC to be EBITDA positive.
We are still on track with our commitment of 1,500 MW of attributable capacity. We are now at about 200 something MWac, and we are building additional about 60 MW- 70 MW. We are on track with the 1,500 MW by 2030. The next question, EBITDA positive. We expect that the EBITDA will be positive on the first year of operation of SPNEC.
Are there any more questions? No more. One more.
Guys, I have other few questions, more on the franchise. What is the current update, and when do we expect this to be completed?
We are still waiting for the Legislative Franchise Committee in the House of Representatives to issue the notice of hearing. Since we have filed this late last year, we haven't received any advice on the schedule. We're still waiting for that.
Understood. Lastly, on Atimonan One. What's the current plan for the asset, and will this be somewhat attached or related to the LNG investment that you've done lately?
For Atimonan One, whether it will be attached to the current, no decision yet. But Atimonan is basically waiting for the next bidding of Meralco, which is up for 2029 delivery.
Any more questions? Okay, thank you for your questions, everyone. I would now like to call on our Chairman and CEO, Mr. Manuel Pangilinan, for some final words.
Well, I think we have covered quite a grade this afternoon, so I really do not have much to add to what has been said, except to say that it looks like it is another good year for Meralco for 2024. We take note of your suggestion of increasing the dividend yield. But first, it is your job to increase their share price. Is not it? What is your target price by JP Morgan? Does it go down? Then we should see your president. He is coming September, right? Or maybe I will remind him. Okay. Thank you. When do we announce our first half?
July.
July or August?
July.
It is soon. Okay. Thank you.
Thank you, Sir M.V.P. That concludes our briefing for today. You may listen to an audio recording of today's briefing from our website under the investor relations portion. Thank you very much for attending, and we hope to see you again when we release our first half 2024 results. Have a good day, everyone.