Meralco’s been raking it in: Why?

Everyone now is saying our power industry is a mess, so much so that consumers will continue to suffer the highest prices in Asia, even as brownouts could start as early as summer this year.

Yet Meralco—the biggest firm in the industry—has never had it so good, raking in billions of profits since 2008. According to Meralco’s 2012 annual report, its net income surged from P2.6 billion in 2008 to P16 billion in 2012, and it estimates its profits to exceed P17 billion this year. From 2010 to 2012, its net income increased by an astonishing annual average rate of 42 percent.

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