Semirara Mining and Power Corporation (SMPC) reported a 12% decline in first-quarter net income to ₱3.8 billion, as lower electricity generation and reduced coal shipments weighed on overall performance.
The integrated energy company said earnings fell from ₱4.4 billion in the same period last year, reflecting weaker plant performance and softer export demand for coal.
Coal production rose 4% year-on-year to 5.9 million metric tons (MMT), up from 5.7 MMT, supported by improved access to coal seams at the Narra mine, which is approaching depletion this year.
However, total coal shipments declined 4% to 4.5 MMT from 4.7 MMT, mainly due to lower export volumes, while domestic demand remained stable.
Average selling price (ASP) for Semirara coal was largely unchanged at ₱2,479 per metric ton, compared with ₱2,481 a year earlier, as a higher share of lower-grade shipments offset gains from stronger global coal benchmarks.
Global coal indicators showed mixed trends during the period, with the Newcastle Index rising 13% to $118.8 from $105.4, while the Indonesian Coal Index 4 increased 6% to $52.4 from $49.3.
On the power side, total electricity sales dropped 22% to 1,120 gigawatt-hours (GWh) from 1,427 GWh, driven largely by weaker plant output.
Sales were skewed toward contracted volumes, which accounted for 61% of electricity sold, with the remaining 39% dispatched to the spot market.
Despite lower volumes, the average electricity selling price rose 3% to ₱4.54 per kilowatt-hour from ₱4.42, supported by a higher share of contracted sales.
Spot electricity prices in the Luzon-Visayas grid declined 5% to ₱3.45 per kWh from ₱3.63, reflecting weaker demand in the Wholesale Electricity Spot Market (WESM).
As of March 31, about 49% of SMPC’s 860-megawatt dependable capacity was contracted, leaving 363.3 MW available for spot market sales after accounting for internal requirements.
SMPC, the Philippines’ largest coal producer, operates an integrated business model combining coal mining and power generation through its subsidiaries Sem-Calaca Power Corporation and Southwest Luzon Power Generation Corporation, supplying baseload electricity to the national grid.
