Integrated energy company Semirara Mining and Power Corporation (SMPC) reported a net income of P4.4 billion for the first quarter of 2025, a 33-percent decline from P6.5 billion last year, on improved power segment performance amid continued normalization of coal selling prices.
“We navigated the softer energy market through improved power generation and coal production, strengthened contracting strategies, and disciplined cost management. These fundamentals will continue to guide us in an increasingly dynamic energy landscape,” said Maria Cristina C. Gotianun, SMPC President, Chief Operating Officer and Chief Sustainability Officer.
Quarter-over-quarter, group earnings rose by 11%, from P3.92 billion, driven by stronger contributions from the power segment.
Coal Operating Results
Total production rose by 16%, from 4.9 million metric tons (MMT) to 5.7 MMT, driven by improved access to seams in the Narra mine, following continuous pre-stripping activities in 2024.
Total shipments dipped by 2%, from 4.8 MMT to 4.7 MMT, on lower domestic sales, while foreign shipments remained steady at 2.7 MMT, supported by additional shipments to China, Brunei and Vietnam.
Semirara coal ASP receded by 17%, from P2,978 per metric ton (MT) to P2,481 per MT, reflecting stabilizing market prices and a higher proportion of lower-grade coal shipments.
Global benchmark prices further corrected during the period, with the Newcastle Index (NEWC) declining by 16%, from US$126.0 to US$105.4, while the Indonesian Coal Index 4 (ICI4) fell by 14%, from US$57.2 to US$49.3.
Power Operating Results
Total gross generation increased by 9%, from 1,408 gigawatt hours (GWh) to 1,535 GWh, on expanded average capacity of SEM-Calaca Power Corporation (SCPC) following restoration of SCPC Unit 2’s dependable capacity to 300 MW on May 27, 2024.
In turn, total power sales grew by 11%, from 1,281 GWh to 1,427 GWh, with the majority (64%) of generated electricity sold to the spot market.
The overall average selling price (ASP) remained stable, slipping marginally by 1%, from P4.47/kWh to P4.42/kWh, as improved bilateral contract quantity (BCQ) ASP offset lower spot ASP. Average spot prices in the Luzon-Visayas grid softened by 21%, from P4.61/KWh to P3.63/kWh, on increased supply capacity.
At the end of the period, 40% of the 840MW dependable capacity of the power segment is contracted, in line with Management’s target to contract approximately half of its net selling capacity. Net of station service, which fluctuates periodically, SMPC has 421.60 MW available for sale to the spot market.
