SMPC earnings fall 33% to P4.1B in Q2; H1 net income down 33% to P8.4B on softer prices

​Integrated energy company Semirara Mining and Power Corporation (SMPC) posted a net income of P4.1 billion in the second quarter of 2025, down 33% from P6.1 billion in the same period last year. The decline was mainly due to continued stabilization of coal and electricity prices.

​“While energy prices eased, we ramped up coal production and boosted power generation. By keeping our costs under control and operating more efficiently, we were able to cushion the impact of weaker prices,” said SMPC President, Chief Operating Officer and Chief Sustainability Officer Maria Cristina C. Gotianun.

From April to June, the average Newcastle Index fell 26% year-on-year, from US$135.6 to US$100.5, while the Indonesian Coal Index 4 receded by 16%, from US$ 55.0 to US$46.4.

Average spot electricity prices in the Luzon-Visayas grid also dropped by 42%, from P6.91/kWh to P4.04/kWh.

On a sequential basis, SMPC’s net income slipped 6% from P4.35 billion in Q1, on muted coal segment performance and improved results from the power segment.

For the first half of 2025, consolidated net income likewise declined by 33% to P8.4 billion from P12.6 billion last year, as energy prices continued to normalize from elevated levels in 2023.

“Looking ahead, we expect prices to remain relatively stable. Our focus is on ramping up coal production toward our 18 million metric ton target and optimizing our generation mix to maximize contracted capacity,” Gotianun added.

Coal Operating Results

For the second quarter, total shipments held steady at 4.6 MMT, with increased own-plant sales offsetting the decline in exports.
Average selling price for Semirara coal declined 20% from P2,780/MT to P2,223/MT, in line with market price corrections and a higher share of lower-grade coal shipments.

Total production rose by 8%, from 5.2 MMT to 5.6 MMT, driven by improved access to coal seams at the Narra mine.

Power Operating Results

Total power sales grew 17% to 1,435 GWh, from 1,228 GWh, mainly due to stronger plant availability and higher average capacity. Last year, SCPC Unit 2 underwent a 77-day planned outage to restore capacity to 300MW.

Of the total energy sold, 56% was sold to the spot market, while the remaining 44% was covered by bilateral contracts.

Overall average selling price for electricity declined by 19%, from P5.58/kWh to P4.51/kWh, reflecting wider supply margins in the WESM.

As of end-June, 38% of SMPC’s 840MW total dependable capacity was contracted. After accounting for periodic station service, 435.60MW was available for spot market sales.
Semirara Mining and Power Corporation (SMPC) is the largest and most modern coal producer in the Philippines. It is a vertically integrated power generation company that runs on its own fuel.

Its two wholly-owned operating subsidiaries—Sem-Calaca Power Corporation (SCPC) and Southwest Luzon Power Generation Corporation (SLPGC)—provide baseload power to the national grid through bilateral contract quantity (BCQ) and the Wholesale Electricity Spot Market (WESM).