But factors like higher inflation, interest rates, and increased rooftop solar adoption threaten to slow down consumption.
The president of Manila Electric Co. (Meralco) Oscar Reyes expects electricity demand to grow 4.5-5% from 2017, BusinessMirror reports.
Reyes noted that consumption across all consumer segments boosted energy sales. Volumes rose 5% to 42,102GWh due to a higher customer base, positive economic conditions, and stable power supply.
According to the report, however, there are developments in the sector that could slow down electricity consumption, such as cooler temperatures, higher inflation, interest rates, the weakening of the peso, and the increased adoption of rooftop solar and energy storage.
“These are headwinds that potentially mean that growth in electricity may decelerate. These will impact not only demand for electricity but also demand for products and services,” Reyes added.
Do you know more about this story? Contact us anonymously through this link.