Good afternoon, investors and analysts, and welcome to today's briefing. I am Dinbo Macaranas from the Meralco Investor Relations team, and I will be moderating today's conference call. Before we proceed, please be advised that this teleconference call is recorded. Kindly follow the ground rules which were sent to you beforehand. We will be presenting the first quarter 2023 financial and operating results of Meralco. A copy of the presentation may be downloaded from our website, www.meralco.com.ph, under the investor relations section.
We have members of Meralco's management team on this call, led by our President and CEO, Ray C. Espinosa. Other corporate officers who will be presenting are the following: Ms. Betty Siy-Yap, Senior Vice President and Chief Finance Officer; Mr. Ronnie L. Aperocho, Senior Vice President and Head of Networks; Mr. Ferdinand O. Geluz, First Vice President and Chief Commercial Officer; Jose Ronald V. Valles, First Vice President and Head of Regulatory Management.
We also have Mr. Raymond B. Ravelo, First Vice President and Chief Sustainability Officer, as well as Mr. Jimmy Azurin, President and CEO of Meralco PowerGen Corporation. We will begin the presentation with the financial highlights, followed with operating results of Meralco's key business, and then highlights from Meralco PowerGen. After all the presentations are done, we would allot time for Q&A. At this point, I would now like to introduce our CFO, Ms. Betty Siy-Yap, who will present the financial results.
Good afternoon, everybody. I will be presenting the results for the first quarter of 2023. Shown on the screen is the financial summary for the first quarter. Our consolidated core net income grew 40% to PHP 9.047 billion. Reported net income was also higher, but at 26% for PHP 8.071. Our EBITDA was at PHP 16.14 billion, 33% higher. Our gross revenues consist of revenues from the distribution utility, RPS power generation, and passing charges. Distribution utility revenues accounted for 81% of the total power generation, 7%, and RPS at 10%.
Non-electric revenues represent revenues from our subsidiaries, and this totals PHP 3.3 billion. Our cost and expenses total PHP 98.38 billion, and out of this, the bulk of this pertains to purchased power, which accounts for 80% of the total. OPEX stood at PHP 9.5 billion, which was higher than last year's PHP 8.2 billion. Oil, fuel, and power plant maintenance cost pertains to the cost of operating our power plants, and this is largely from Global Business Power. Capital expenditures totals PHP 5.1 billion, which consists of work for distribution, utility, and completion of the telecoms build-out, as well as power generation.
We ended the three months with cash and cash equivalents at PHP 57.875 billion, flat compared with last year, and our borrowings is at PHP 102.2 billion. The next slide shows our revenues. Our consolidated revenues is at PHP 105.6, 20% higher. On the electric side, which totaled PHP 102.4 billion, this represents 97% of the total. Generation, transmission, and others grew 28%, mainly because of the higher fuel price, effect of purchase from WESM, and the depreciation of the peso.
Distribution revenues amounted to PHP 15.3 billion, flat compared with the first quarter of 2022, with a combined effect of 2% increase in volume and tariff after implementation of the refunds. Energy fees was at PHP 7 billion. This was higher by 27%, coming from contribution of higher volume of Global Business Power. This period, we also had volumes from Baras and also Nuevo Solar , our new 68 MW power plant. Non-electric revenues came from work accomplishments of our subsidiaries and additional circuits and accounts of revenues.
Also, we see this period lease income of MIDC or our towers business. Our cost and expenses totaled PHP 98.4 billion. Purchased power, as I mentioned, accounted for 80%. OPEX was 10%. The combined coal, fuel, and operating cost of power plant was 5%. Depreciation accounted for 4%, while other expenses was 8%. Note that for purchase power cost, the increase effectively reflects what was discussed with respect to our revenues. Same reasons. We also wish to highlight or note that the average Malampaya natural gas price increased to $10.08 per gigajoule versus $8.71 a year ago.
This is mainly due to the gas restriction that began in March 2021 and 15-day outage for maintenance in February of the gas field. First Gas had to source liquid fuel, which was more expensive to ensure that there is continued supply to Meralco. The depreciation of the peso added to the cost of fuel. Operating expenses increased by 15% and bulk of this, other than salaries, contracted services, were also due to higher bills, management related expenses, as these activities are now normalized.
These also are OPEX also included information technology license and maintenance and higher manpower and cybersecurity incurred by our subsidiary with the increasing digitalization. The higher work accomplishment of MIESCOR also added to increased costs. Fuel, fuel and O&M incurred by GBP totaled PHP 5 billion, 27% higher. Depreciation relates to completion of capital expenditure of our distribution utility and also depreciation of towers, which were acquired as of December 31st, 2022.
Our other expenses largely represents provisions for over recoveries. On the CapEx side, consolidated capital expenditure is driven by the new capital expenditure for new connections, asset renewals and load growth. On the subsidiary side, this is largely communication facilities built out of rate base. For power generation, this included the development costs of the Baras solar plant, Niyago Solar, and site development of Atimonan One. Our CC&I, this grew 40% to PHP 9 billion, while our reported net income grew 26%.
The increase in our CC&I is largely attributable to our share in net income from results of operations of PacificLight, which stood at PHP 3.1 billion this year, compared with PHP 1.8 billion last year. San Buenaventura also contributed more than PHP 200 million. So this year it was PHP 464 million against PHP 194 million last year. The turnaround of GBP resulted in PHP 295 million CC&I versus negative PHP 518 million. On the DU side, while our sales volume was higher, the cooler temperature and lower effective distribution rates resulted in slightly lower distribution income contribution.
Our RES segment also contributed to the CC&I, although volumes were lower. For our CC&I from the subsidiaries, this is still lower, mainly because the towers business is still in its early stages of operations and they continue to build out. They are still in the building out of the portfolio. Overall, what we had noted was the share in CC&I. For this period, distribution utility share was 49% compared with previous year of over 70%. The power generation was at 41% and RES 8%. The balance of 2% was contribution of our subsidiaries.
Our core and reported EBITDA were at PHP 16.1 billion and PHP 15.2 billion, respectively. We now focus on power generation results of operations. MGen's contribution to Meralco's CC&I grew three times to over PHP 3 billion on count of PacificLight's strong performance and positive contribution of the other power plants. Singapore-based PLP recorded CC&I of SGD 101.1 million or an equivalent PHP 5.1 billion as of the end of March. Up from SGD 79.3 million or an equivalent PHP 3 billion.
The increase is attributable to the higher blended non-fuel margins in Singapore, which average SGD 104.8 per megawatt hour, higher from last year's SGD 73.8 per megawatt hour. PacificLight, 771 MW net LNG plant in Jurong, Singapore delivered a total of 1,464 GWh of energy. MGEN's combined interest, direct and indirect, is at 58%. SBPL or San Buenaventura's 455 MW net super critical coal-fired plant in Mauban, Quezon, delivered 610 GWh of energy with 100% plant availability.
SBPL's 100% CC&I was at PHP 911 million, and we have 51% of that. Global Business Power booked CC&I of PHP 294.6 million and delivered a total of 1,473 GWh of energy, from its portfolio of coal and oil plants with net sellable capacity of 896 MW, of which 782 MW are contracted under PSAs for captive and contestable customers. Some of the oil plants have asked us our ancillary services procurement agreements. The 55 MW AC power plant, PowerSource First Bulacan Solar, Inc. in San Miguel, Bulacan, at an average plant availability of 98.32%.
They actually had two days outage this year. This plant delivered 30 GWh to Meralco under a 20-year ERC-approved PSA. Their CC&I totaled PHP 44 million. Our consolidated interest-bearing debt was at PHP 102.2 billion. Debt of our subsidiaries accounted for 51% or PHP 52 billion, and this consists of debt of MGEN, GBP at PHP 45.8 billion, PHP 4 billion from MIDC, our cars business, and the balance from all other subsidiaries. Of this total, about PHP 34 billion would be maturing within one year.
So the balance, the difference of PHP 50 billion represents, sorry, of PHP 50 billion represents debt at the parent company level. Cash and cash equivalents amounted to PHP 57.9 billion. Short-term investments totaled PHP 17.9 billion. Our net debt at the end of June 1st, 2023, calculated using cash and cash equivalent and short-term investments, was at PHP 26.4 billion, with net debt to EBITDA of 0.44 x. Our long-term investment and restricted cash balance is PHP 24.2 billion. Meralco's debt is spread to 2037.
The PHP 11 billion debt due in 2025 includes the PHP 7 billion 12-year fixed rate notes issued in 2013, which has a coupon of 4.875%. The other maturities occurring in 2032 is a PHP 10 billion loan drawn by Meralco in December of 2022. Average profit debt is 5.2%, all of which are fixed and denominated in Philippine peso for those contracted locally. The only foreign currency portion would be that of Radius, which is supplier financing. We ended the period with core and reported earnings per share at PHP 8.027 per share for CC&I and reported earnings per share of PHP 7.161 per share. That ends my report.
Thank you very much, Ma'am Betty. We will now move to the operating results presentation to be led by our President and CEO, Ray C. Espinosa. He will be followed by the heads of the different business segments who will provide more details.
Good afternoon, everyone. For the operational highlights of Meralco's first quarter, our energy sales grew 2% at 11,287 GWh , compared to 11,069 GWh last year. The customer count grew 3% at 7.668 million customers. The net system input grew 1% compared to last year at 11,817 GWh . Meralco's peak demand was lower by 3% at 7.725 GWh compared to 7.50. On service performance, our system loss was down 0.40 percentage points on a 12-month moving average at 5.62%.
System average interruption frequency index or SAIFI was down 13% at 0.242 time, while system average interruption duration index or SAIDI was down 8%, 23.452 minutes. Time to connect was down to 1.5 days compared to 1.63 in 2022 or down by 8%. Electricity rate, average retail rate was up by 17% at PHP 10.41.
Good afternoon, everyone. We are happy to report that our first quarter consolidated sales against our past pre-pandemic levels, which actually showed a 2% increase versus quarter one 2022. Volumes rose to 11,287 GWh from 11,069 GWh from last year, amidst continuing economic recovery post-pandemic. The modest quarter one growth was driven by double-digit growth of commercial segment, which grew 11%, while residential and industrial segments both declined by 3%. The details of which will be discussed in the next slide.
It is also worth mentioning that our first quarter sales, quarter 2023, is actually 9% higher than the pre-pandemic numbers of 2019, which was then at 10,381 GWh . In terms of sales mix, with the continued recovery of businesses and social activities, sales mix continues to move towards normalized pre-pandemic levels. Our sales volume share for the commercial segment increased to 37% from 34% same period last year. Residential accounted for 33% this year, down from 35% last year first quarter, while industrial segment is almost the same at 30%.
Next slide, please. For the details on the first segment, as well as their drivers. Residential segment ended up at 3,701 GWh for first quarter this year. This is actually a 3% decline from the 3,808 GWh last year, coming from a high base caused by Omicron's peak in quarter one of 2022 when scouting post-quarantine was observed. This year, there is higher mobility and greater public confidence in conducting face-to-face school, business, and social activities, as well as longer time spent traveling and in traffic, which further reduced the time spent by our customers at home.
Another factor that impacted residential sales is the cooler temperature first quarter this year compared to last year. In fact, temperature quarter one this year is one of the coolest in the last five years, with the dry or summer season being declared a week later compared to previous years. For commercial, our commercial segment numbers showed up to 4,213 GWh . It is an 11% increase compared to quarter one last year. This growth at 4,213 GWh , from 3,781 last year, is due to the energy demand from educational institutions, which continued to increase as classes moved on full face-to-face.
Hotels, restaurants, real estate sectors also posted positive double-digit growth as room occupancy, foot traffic, and consumer spending were at the highest, as leisure travel, social events, and business conventions were in full swing. For industrial, our industrial segment ended up at 3,336 GWh , 3% decline. Sorry, from the 3,336 GWh this year, 3% decline from the 3,443 last year due to the impact of global economic headwinds and inflation, which was observed to affect the industrial segment this year.
There was weak demand for consumer electronics globally, which continued to dampen the growth of our semiconductor industry. There were also plant shutdowns due to maintenance activities and lower production costs due to high input costs, which negatively impact sales from plastic and cement sectors. These three sub-sectors, electronics, plastics, and cement, actually account for 40% of our industrial sales. While there were modest growth observed on three sub-segments, embedded generation increased 5% as plants maximized renewables output and were advised to defer maintenance in view of the summer months.
Still increased 5% due to a new plant that we energized and ramp up increase of load from science use customers, and food and beverage which grew 1% vis-a-vis the demand from election last year. Next slide, please. On our energization performance, we continue to grow our customer base as a result of strong energization performance, both for project covered applications and ordinary service applications, driven by mixed-use buildings, subdivisions, and telco customers.
While it was observed that there was a slight slowdown, at 2,358 energized project covered application quarter one this year, a 3% decline compared to last year. This is still actually much higher, around close to 70% better than our pre-pandemic numbers in 2019. As a catch-up from the previous pre-pandemic regime is actually stabilizing. Ordinary service application likewise declined by 7% versus 2022, but still more than 10% better than pre-pandemic 2019 levels.
Because of the still healthy energization rate, our Meralco customer or service count increased by 3% or more than 205,000 new customers compared to the same period last year. It now stands at 7.688 million customers. Residential remains to have the highest share at 92% or more than 7 million, followed by commercial at 7% and 1% industrial in terms of count. That ends the customer report, and I now turn you over to Ronnie for the system.
Thank you, Geluz. Good afternoon to everyone. Our consolidated net system input or NSI for the first three months of the year at 11,817 GWh was the highest for the last five years. It is also higher by 1% compared to the same period last year, driven by steady growth in commercial segment. For our power sourcing, 34% came from our IPPs and old PSAs, 32% from the rest, 17% from the new PSAs, 16% from the spot market, and 1% from special contracts. For the fuel mix, natural gas at 22%, coal at 29%, multi-fuel at 43%, 5% from liquid fuel, and 1% from solar.
Next slide, please. For the peak demand for the month of March, the peak demand in Meralco franchise area logged a high of 7.73 GW. This was recorded last March 24th. This is 1% lower over last year, while peak demand for Luzon was at 11.5 GW. That was recorded also on March 24th, also 1% lower over last year. The demand was tempered by cooler average temperature in March, which was the lowest in the last five years, as reported earlier by Mr. Geluz .
Actually, compared to last year, the average maximum temperature in March was down by 1.4 degrees Celsius, while average minimum temperature was down by 2.2 degrees Celsius. The Department of Energy has forecasted the highest Luzon grid demand this year at 13.12 GW, which will happen in the second week of May. This will be around 8.4% higher than the 12.11 GW peak demand last year, which was registered in May 12th last year. Back here in our franchise, the demand has surged since last week due to prevailing hot weather.
Last Wednesday, April 19th, we recorded a peak demand of 8.12 GW, which is already slightly higher than the peak demand of 8.11 GW last year. For system loss, the 12-month moving average system loss as of March was at 5.62%. This is lower by 0.4 percentage points and still way below the current system loss cap of 6.5%. The downward trend is influenced by lower consumption ramp-up in March or 5 GWh only, versus the higher ramp-up in March last year of 44 GWh .
Higher ramp-up would result to higher NSI sales mismatch, which will artificially result in higher system loss for the reporting month but will be normalized in the succeeding months. Aside from this, lower system loss has been driven by our sustained efforts to reduce or curb illegal connections, reduction of unbilled sales, completion of CAPEX projects that reduce technical losses, such as the execution of elevated metering center or EMC projects. Improved sales mix in favor of low-loss shared commercial segments also helped in lowering our 12-month moving average system loss.
For S factor performance and GSL, our total SAIDI and MAIFI had recovered significantly in March compared to the month of February and improved by 13%, 8% and 7% respectively due to fewer power outages as a result of our various maintenance projects. For customer indicators, we posted an 8% improvement for average time to process applications, bringing it to 1.5 days. Average time to connect also improved significantly by 30% as well. Call center performance in March also improved by 1.4 percentage point, and these numbers are our heaviest to date level.
For GSL1, we have 10,225 incidents. GSL2, 48 incidents. GSL3, 103 incidents. These numbers are way below the deadband under our 5th RP performance incentive scheme. For CAPEX, year-to-date utilization is at 22% or PHP 4.48 billion of the PHP 20.28 billion budget for this year. So far, we have spent PHP 1.71 billion for new connections, PHP 1.2 billion for asset renewals, and PHP 1.26 billion for load growth. For new connections, we have already energized 876 project covered applications and 20,500 ordinary service applications.
We also replaced close to 1,000 overloaded feeders in preparation for a surge in consumption, especially for our residential customers during summer months. The PHP 1.26 spending for load growth was coming from the development of 17 new substations, expansion of six substations, and upgrading and construction of six substations. While the PHP 1.2 spending for asset renewals included conductor shielding, meter and substation equipment replacement, and pole relocation as well.
Next slide, please. For our major projects that we completed during the first quarter of the year, the first one was the La Mesa 115 kV switching station, which enabled us to serve STMicroelectronics Inc. in Calamba, Laguna via 115 kV service to accommodate the increase in its demand from the current 7 MW to 13.5 MW in 2023, and 20 MW in 2027. This project has also allowed us to recover around 7 MW of STMI load that is being connected 24 by 7 to their generating sets or gen sets.
Also during the first quarter of the year, we intensified our pole relocation activities to support major PPP and PPP projects of the government, namely MRT-7 and NLEX-SLEX connector road. For MRT-7, we installed 12 poles and retired five poles to clear their proposed Batasan Station last January, and this was on top of the 442 poles that we installed and 129 poles that we retired along North Avenue, Commonwealth Avenue, Regalado Highway, and Quirino Highway in Caloocan City to allow San Miguel Corporation to fast-track their rail construction works.
In the case of NLEX-SLEX connector road, which was partially inaugurated last March, Meralco was able to relocate a total of 1,220 poles since the project initiation in March 2020, despite the numerous right of way and engineering challenges, including the COVID-19 restrictions. Finally, major load growth project that we commissioned last March, the Real 115 kV, 34.5 kV substation in Calamba, Laguna. This is part of our RY 2021 CAPEX five-year budget of PHP 264 million.
This project will unload the adjacent Calamba substation and will provide additional capacity and will improve power quality and reliability for residential, commercial, and industrial customers in Calamba, Laguna, the adjacent towns of Calauan and Santo Tomas . Thank you, I am now turning you over to Attorney Ronald Valles for the regulatory update.
Good afternoon. For the regulatory update, first is the report on the first quarter 2023 average retail rate. The average retail rate for the first quarter 2023 is 17% higher than that of 2022, and this is due to higher generation charge. The average gen charge for the first quarter 2023 registered a 32.7% increase due to higher fuel cost, higher WESM prices, and faster depreciation. There was also no energy delivery from South Premiere Power Corporation, Ilijan, Batangas for the first quarter of 2023 due to the suspension of its power supply agreement.
The 5.7% increase in average transmission cost was due to higher power delivery service charge with the NGCP's implementation of higher maximum allowable revenue starting May 2020. Following the increase in generation cost, charges also increased by 27.6%. First quarter 2023 average distribution rate with the DRTU or distribution rate true-up is PHP 0.9299 per kilowatt hour.
When normalized, taking out the effect of DRTUs 2 and 4, the average rate decreased to PHP 1.4533 per kilowatt hour in first quarter of 2023 from the first quarter of 2022's rate of PHP 1.528280 per kilowatt hour. The subsidies, taxes, and universal charge increased by 30.2%, mainly due to higher effective taxes. Universal charge also increased with the implementation of the ERC-approved UC-ME for the NPC's flag rate of PHP 0.1780 from the previous rate of PHP 0.1544 per kilowatt hour. The PO collection was suspended for the first quarter of 2023 following the ERC directive.
Going now to the distribution rate true-up refunds update. As of March 2023, Meralco has refunded a total of PHP 44.7 billion or 93% of the PHP 48.8 pertaining to the DRTU- 1 to DRTU-4 refunds due. DRTU- 4 refund is expected to be completed within the month of May 2023, pending the refund scheme in that month. Now, let me give you an update on the past due over and under recoveries of Meralco. For the years 2020- 2022, the net under-recovery for generation, transmission system losses, and subsidies amounted to PHP 7.78 billion, including the over and under-recoveries of RPT and LFT for the years 2021 and 2022.
The total net under-recovery for filing with the ERC is PHP 7.98 billion. The overages for RPT and LFT started only in 2021 as the ERC rules governing recovery of this pass-through process became effective in 2021. RPT arrears for the years prior to 2021 are not covered under ERC rules and will not form, not be part of Meralco's application for recovery. Meralco will be proposing a recovery period of 12 months for all the charges except for lifeline subsidy over-recovery, which will be refunded in one month, averaging impact to customers around PHP 0.20 per kilowatt hour.
Under ERC rules, Meralco is scheduled to file its application to confirm its pass-through over and under-recoveries for 2019- 2022 by March 31st, 2023. On March 28th, Meralco requested for extension to file until April 30th, 2023. With the board's approval, Meralco will file its application for recovery, with pass-through over and under-recoveries by April 30th, 2023. Update on the emergency power supply agreements. Meralco executed emergency PSAs with GNPD for 300 MW with a term of until January 25th, 2023, and February 25th, 2023, respectively.
Despite Meralco's efforts, however, it was unable to secure an extension of these EPSAs beyond February 25th, 2023. Given the Court of Appeals' grant of a writ of preliminary injunction through the resolution dated January 25th, 2023, allowing suspension of the 2019 SPPC PSA until the resolution of the main case, Meralco sought a certificate of exemption from the conduct of CSP from the DOE to cover the EPSAs with Therma Luzon and SPPC. Last March, the DOE granted a certificate of exemption for 670 MW for the period March 26th, 2023, up to March 25th, 2024.
For TLI's 370 MW and SPPC's 300 MW. The term will end early if the Court of Appeals leaves the injunction. Following failed bidding on second round of CSP for the 180 MW baseload requirement, under negotiations with the South Premiere Power Corporation regarding its offer for its supply, covering an indivisible block of 180 MW, Meralco requested a certificate of exemption from the Department of Energy for the immediate implementation of EPSA. The DOE granted the certificate of exemption for the 180 MW for the period March 26th, 2023, up to March 25th, 2024, last March 29th.
These EPSAs are intended to mitigate our WESM exposure, which we forecasted to be around PHP 9.85 per kilowatt hour. Shown on your screen is the table containing the details of the EPSAs we executed with SPPC for 300 MW and the additional 180 MW also with SPPC, and with TLI for 370 MW. Note that the plant gate rate for the SPPC contracts is PHP 8.3505 per kilowatt hour. This SPPC rate has no outage allowance. For TLI, however, the one shown on the screen is PHP 8.14 because we have included in this estimate the rate impact for the 44 days outage allowance stipulated under the contract.
Without the outage allowance of 45 days, the TLI rate, or without the replacement power being included in the rate and the TLI rate would be below PHP 8 per kilowatt hour. Finally, for the 1,800 MW Greenfield baseload, the CSP, Masinloc Power Partners and Excellent Energy recently served a notice of termination with Meralco for the PSAs that we have executed with them for the 600 MW of MPPCL and 1,200 MW of Excellent Energy.
We received the notices of termination last March 17th, and the reason cited was that ERC had yet to issue a final approval for the PSAs by PSAs lock-up date, and the termination became effective on April 1st. According to the PSA, lock-up date is defined as the day following six months after submission to the ERC. Last March 20th, we informed the ERC of the notices of termination through a manifestation, and subsequently on March 30th, the ERC issued an order stating that the parties should file a motion to withdraw the PSAs.
The PSAs are contracts imbued with public interest as use of electricity bears a social function, thus parties are reminded that any termination thereof cannot take effect without prior approval of the ERC. Meralco should provide information on whether it accepted or disputed the notices of termination, the lock-up date extensions or request thereof, any event or action that prompted MPCL or Excellent Energy to issue notices of termination, and any due diligence measures Meralco conducted upon receiving the notices of termination.
Finally, the parties must refrain from implementing any termination until ERC acted on any appropriate pleading filed before it seeking specific reliefs relative to the notices of termination. Last April 4th, Meralco filed its compliance, explaining that lock-up dates were extended twice for six months each, for a total of 12 months, and Meralco sought a third extension, but MPCL and Excellent Energy said that it would study its option, including possible termination due to non-approval of the PSA by lock-up date.
Last April 14th, MPCL and Excellent Energy filed with the ERC their notices of withdrawal, informing ERC that their termination is a matter of right pursuant to the PSAs, and that applications have been mooted, and no court or tribunal have the power to extend the life of both contracts. Otherwise, it would amount to grave abuse of discretion. Finally, last April 20th, Meralco filed a comment to the notices of withdrawal, confirming that the notice of termination was an exercise of Excellent Energy's and Masinloc's right under the PSA as a direct result of the lapse of the lock-up stage.
That's all for the regulatory update. Turning over now to Mr. Raymond Ravelo for the sustainability update.
Thank you.
Thank you.
Attorney J.R.V.V. Good afternoon, President R.C.E., colleagues in Meralco, and investors and analysts. Today, I am very pleased to share with you that Meralco's sustainability efforts were recently recognized at the 5th Annual Anvil Awards. As you know, the Anvil is awarded by the Public Relations Society of the Philippines to outstanding and distinctive P.R. programs, tools, and practitioners across the country. in this year's Anvil, Meralco received nine Anvil Awards, one gold and eight silvers, and three of those awards were actually sustainability related.
The Gold Anvil was received by our overarching sustainability program called Powering the Good Life, wherein we communicate our multifaceted sustainability agenda. We also earned silvers each for our 2021 Meralco Sustainability Report entitled Kalinga, as well as our gender diversity and inclusion program, which we call #Mbrace. Secondly, our 2021 reports, three reports. First, our annual report entitled Bayanihan, our sustainability report entitled Kalinga, as mentioned earlier, and our One Meralco Foundation report entitled Malasakit.
These collectively were recognized at the Asia-Pacific Stevie Awards with a Silver Award. The APAC Stevie Awards are a premier business awards competition honoring achievements and innovative contributions across 29 countries and regions. That ends the sustainability update. I now turn you over to Sir Jimmy Azurin for the power generation update. Thank you.
Thank you. Good afternoon, everyone. The power generation group delivered 3,577 GWh during the first three months of 2023. This is up by 12% due to our increased plant availability and strategically timed preventive maintenance. Global Business Power or GBP saw a 31% increase in energy delivered at 1,473 GWh as plant availability stabilized against the previous year's typhoon-impacted plant performance. Meanwhile, San Buenaventura Power energy delivered at 610 GWh , 2% lower than the previous year's 625 GWh .
Our Singapore-based subsidiary, PacificLight Power, expanded energy delivered by 11% at 1,464 GWh , coupled with the higher retail margins secured. Lastly, energy delivered in our BulacanSol plant declined slightly to 30 GWh due to mostly cloudy weather in the early months of 2023. Next page. As we continue our journey towards low carbon energy transition, we recently inaugurated our 68 MW solar plant in Currimao, Ilocos Norte, last March 3rd.
The project, in partnership with Vena Energy, started generating power early January and was fully energized by mid-February. Next page. Moreover, we have energized 67.5 MW out of our 75 MW, excuse me, megawatt solar plant project in Baras, Rizal, and have started generating power since March 27th, 2023. The project, in partnership with Mitsui & Co., is expected to commence commercial operations by May. Once operational, this brings MGreen's total renewable energy capacity to almost 200 MW, including our first solar plant, BulacanSol.
More renewable energy projects can be expected in the coming years as we strive to fulfill our commitment to deliver cleaner and more sustainable energy to the market. Thank you and good afternoon.
Thank you, sirs, R.C.E., F.O.G., J.R.V.V. , R.B.R., and J.T.A. We will now open the floor for questions. For those of you who would like to ask a question, you have two options to do so. First, you may raise your virtual hand, and please wait for me to recognize you before you speak. Secondly, you may also type your questions in the chat box, and I will be reading them for our executives. In either instance, kindly state your name and the company you represent before asking your question.
Please also state the name of the executive you would like to address the question to. Any questions from our analysts? I'd like to recognize Somesh Agarwal. Please go ahead. Somesh, please go ahead with your question.
Hello. Hi, am I audible now?
Yes.
Yeah. Hi. Could you please throw some more light on the 1.8 GW PSA termination? How are you guys thinking about it, and what's the path forward? Thank you.
Somesh. For the 1,800 MW termination, what we did for Meralco so far is that we have complied with the directive of the Energy Regulatory Commission, which required us to submit a report on the measures that we have taken in order to prevent the termination. Also, if we have any information as to what triggered the termination by SMC or by South Premiere and, sorry, by Excellent Energy and Masinloc.
So far as the notices of withdrawal that were filed by the two companies of San Miguel, we have filed our comment on this, and we have emphasized that the right of termination under the PSAs is a right belonging to the power supplier, just like in any other power supply contracts that we have executed. If the reason is the lapse of the lock-up date, then please take note that the lock-up date here was supposed to end six months from the time that we have filed the application with the ERC, and we have extended that twice.
Now, since we have already filed our comment, we shall await the further action from the Energy Regulatory Commission on our comment and on the notices of withdrawal filed by the two companies of San Miguel.
Thank you. Thank you very much.
Thank you, J.R. V.V., and thank you so much also for your question. The next question comes from Gio De La Rosa with Regis Partners. Based on your presentation, Meralco appears to have effectively acquiesced to the termination of the two PSAs with San Miguel Corporation for future supply. Would Meralco now have enough power supply to replace the 1,800 MW? Does Meralco have a view on the adequacy of power supply in Luzon for 2024 and beyond, since a shortage in Luzon would have a direct impact on Meralco, regardless of whether it has taken up insurance?
Yes. Insofar as the replacement for the 1,800 MW, assuming that the Energy Regulatory Commission will already resolve the filings of the San Miguel companies that sent the notices of withdrawal and termination. Assuming that the termination is allowed by the ERC, then we will already immediately proceed with the re-bidding of the 1,800 MW by filing a request with the Department of Energy for the approval of the terms of reference. Thereafter, we shall conduct the CSP for the 1,800 MW to cover the same period, and to cover the same commercial operation state.
Thank you, J.R. V.V. The next question comes from Charissa Magpayo of Macquarie. May we get an update on the rate rebasing exercise?
For the 5th RP, the evidentiary hearing of Meralco's 5th RP is ongoing. We haven't heard from the ERC since the last hearing that we had sometime in, I think, in January. But according to the ERC, they are prioritizing the other rate basing activities from NGCP and the other utilities. But they assured us that they will proceed to complete the rate basing activities of Meralco in the next few months, and they said that we expect this to be completed within the year, probably third or fourth quarter this year.
Thank you again, J.R.V.V. Sir, PO would like to ask for the answer on the second question. Does Meralco have a view on the adequacy of power supply in Luzon for 2024 and beyond, potential shortage?
For 2024, for Luzon?
Yes.
For Luzon, I'll respond first for Meralco supply and demand requirements 2024 and beyond. Since that will cover the 1,800 MW that will be replaced, and assuming that we will be able to find a replacement for the 1,800 MW, yes, we will have enough capacity to supply our requirements for 2024 and beyond. With respect to the Luzon demand requirements, then maybe we can refer that matter to the Department of Energy.
Thank you, sir. The next question comes from Greg de Leon of BDO Securities. Can you share what is the revenues growth of PacificLight in the first quarter of 2023, and how much of it is from higher ASP? Thank you.
Hi, Greg. The revenue growth of PacificLight is 36% higher, which is SGD 639 million in 2023, compared with SGD 257 million last year.
Thank you, ma'am. The next question comes from Herman dela Paz of Abacus. The first question is, may I ask for reconciliation between CC&I and reported income in the first quarter of 2023? The second question is, how much was typhoon financial impact in January of 2022? Finally, how is sales volume growth so far in April?
For CC&I, the gap between CC&I and reported net income is just Forex and the day one accretion. The Forex is PHP 270 million, and the day one gain is PHP 700. The typhoon impact, I do not have the number. I will get back to you in a while. I need to check the amount of the impact of Typhoon Odette.
For the April? Yes.
For the April sales volumes, it is early because I think 40% of our revenues will come starting tomorrow. Based on our internal forecast, conservatively, 2%.
Thank you, sir.
That's April month.
Thank you. Go ahead.
Herman, the Typhoon Odette impact is close to PHP 300 million.
Thank you, ma'am. Thank you, sir. The next question comes from Joshua Generoso of First Metro Securities. Would like to ask about the CapEx budget for full year 2023- 2024, and how is the company planning to finance the said CapEx?
Joshua, well, the CapEx that we have right now, for the DU, that's about PHP 26 billion to PHP 27 billion. About PHP 30 billion would be for MIESCOR. The balance would be both for power generations and the towers business. How will it be financed? Well, definitely, if you look at the DU side, supposedly, the tariff should take care of it. Because it's a bit delayed, so a portion will be internally generated, and we'll definitely have to source our funding through loans.
Thank you, ma'am. The next question comes from Pia De Jesus of Maybank. First, any updates on the rate rebasing? I think this was addressed. The second question, are all fixed-rate contracts of GBP expired, and what's earnings guidance for MGen in 2023? The last one is, what are Meralco's one-off costs in the first quarter of 2022 to reconcile to CC&I?
Yeah. Good afternoon. For the fixed-rate contracts, all our fixed-rate contracts has either been expired or terminated last December of 2022. For the guidance of MGen's income, 2023 is too early. It's just the first quarter. We still have scheduled maintenance for all our power plants in the latter part of this year.
Thank you, Sir Jimmy. The third question. I think this was also addressed earlier, with the timing of the reconciliation of your reported and coordinate income, and I believe you are referring to the first quarter of 2023. The next question comes from Eunice Delate of SB Equities. What is your updated sales volume outlook for the full year of 2023? Do you think the generation business's current performance is sustainable in succeeding quarters for the full year?
For the sales?
Yes.
For the full year, we have forecasted a growth of around 4.2%. That is it. Around 4.2% for the volume.
Thank you, sir. Sir Jimmy, sustainability of the performance?
Well, as I mentioned earlier, it's too early to predict the whole full year 2023, but it started well, and we hope that we can sustain it.
Thank you, sir. The next question comes from Angelica Bautista of Citi. Hi, what's the status of the SMEC PSA?
Hi, Angelica. The SMEC is continuing to supply power under the original PSA, and it has not been affected by the injunction issued by the Court of Appeals in favor of SPPC, and that San Miguel has not terminated the contract.
Thank you very much, sir. Do we have any more questions from our analysts and investors?