Integrated energy company Semirara Mining and Power Corporation (SMPC) reported a 37% decline in net income to ₱9.9 billion for the first nine months of 2025, from ₱15.7 billion in the same period last year. The decrease was mainly driven by weaker coal and electricity prices and higher production-related costs.
“This has been a more difficult year operationally, but we continue to adapt,” said SMPC President, Chief Operating Officer, and Chief Sustainability Officer Maria Cristina C. Gotianun. “Our priority is to strengthen reliability, manage costs, and preserve our financial flexibility to navigate changing market and operating conditions.”
From January to September, the average Newcastle Index (NEWC) fell 22% year-on-year to US$104.5, while the Indonesian Coal Index 4 (ICI4) dropped 16% to US$45.9. Similarly, average spot electricity prices in the Luzon-Visayas grid declined 33%, from ₱5.59/kWh to ₱3.73/kWh.
For the third quarter alone, consolidated net income dropped 53% to ₱1.5 billion, from ₱3.1 billion last year, as lower energy prices continued to weigh on profitability.
Coal Operating Results
For the nine-month period, total coal shipments rose 5% to a record 12.9 million metric tons (MMT), from 12.3 MMT in the same period last year. This growth was driven by stronger exports and higher deliveries to SMPC’s own power plants.
However, the average selling price (ASP) for Semirara coal declined 19%, from ₱2,864/MT to ₱2,325/MT, reflecting market trends and a higher proportion of lower-grade shipments.
Coal production also hit a record high, increasing 15% from 13.1 MMT to 15.1 MMT, following improved access to coal seams at the Narra mine.
Power Operating Results
Total power sales grew 12% to a record 4,186 GWh, from 3,722 GWh, on the back of improved plant performance. Of the total energy sold, 57% was sold to the spot market, while 43% was covered by bilateral contract quantities (BCQs).
The average selling price for electricity declined 10%, from ₱4.93/kWh to ₱4.46/kWh, due to wider supply margins amid stable demand in the Wholesale Electricity Spot Market (WESM).
As of end-September, 40% of SMPC’s 860 MW total dependable capacity was contracted. After accounting for periodic station service, 429.60 MW remained available for spot market sales.
SMPC is the largest and most modern coal producer in the Philippines. It is a vertically integrated power generation company that operates using its own fuel (coal).
SMPC’s two wholly owned subsidiaries—Sem-Calaca Power Corporation (SCPC) and Southwest Luzon Power Generation Corporation (SLPGC)—supply baseload power to the national grid through bilateral contract quantities (BCQs) and the Wholesale Electricity Spot Market (WESM).
