Semirara Mining and Power Corporation (SMPC), one of the Philippines’ biggest energy companies, announced that their profits went down by 33% in 2025. They earned ₱13.1 billion last year, compared to ₱19.6 billion in 2024, according to their disclosure to the Philippine Stock Exchange dated March 11, 2026.

Why Did Profits Go Down?

Think of it this way: Even if you sell more lemonade at your lemonade stand, you might earn less money if you have to lower your prices. That’s basically what happened to SMPC.

The company made less money mainly because:

• Coal and electricity prices became cheaper (they had to sell at lower prices)
• They shipped less coal to customers
• It cost them more money to dig up the coal

Maria Cristina C. Gotianun, who is SMPC’s President and Chief Operating Officer, explained that even though prices were lower this year, the company still managed to produce record amounts of coal and sell more electricity than ever before.

What Happened to Coal and Electricity Prices?

Prices in the energy market dropped significantly in 2025:

• The Newcastle Index (a way to measure international coal prices) fell 22% to US$105.6, down from US$135.2 the previous year
• The Indonesian Coal Index dropped 15% to US$46.1 from US$53.9
• Electricity prices in Luzon and Visayas went down 27% to ₱3.73 per kilowatt-hour (kWh) from ₱5.14/kWh

Electricity became cheaper because there was more available power supply in the Wholesale Electricity Spot Market (WESM), which is like a marketplace where power companies buy and sell electricity.

The Good News: Record Coal Production

Despite lower prices, SMPC actually dug up more coal than ever before. Their coal production jumped 24% to a record 19.9 million metric tons in 2025, compared to 16.0 million metric tons in 2024.

This happened because:

• They got better access to coal deposits at their Narra mine
• The government approved an Environmental Compliance Certificate (ECC) in May 2025, allowing them to produce up to 20 million metric tons per year
• They started selling coal to new countries, including Indonesia

However, actual coal shipments (the amount they delivered to customers) went down 7% to 15.4 million metric tons from 16.5 million metric tons. This was because of timing issues with export shipments and lower demand for certain types of coal.

The average selling price for their coal dropped 19% to ₱2,302 per metric ton from ₱2,853.

Record Electricity Sales Too

On the power generation side, SMPC also hit a record. They sold 5,296 gigawatt-hours (GWh) of electricity in 2025, up 7% from 4,945 GWh in 2024. This increase happened because their power plants worked more reliably.

They generated 5,695 GWh of electricity total, with:

• 54% sold in the spot market (the open marketplace)
• 46% delivered through contracts with specific customers

However, the average price they got for electricity fell 8% to ₱4.38/kWh from ₱4.75/kWh.

Fourth Quarter 2025 Performance

For just the last three months of 2025 (October to December), SMPC earned ₱3.2 billion, which was 19% lower than the ₱3.9 billion they made in the same period in 2024.

About Semirara Mining and Power Corporation

SMPC is the largest and most modern coal producer in the Philippines. What makes them special is that they’re a vertically integrated company—this means they dig up their own coal AND use it to generate electricity in their own power plants.

The company operates through two subsidiaries: Sem-Calaca Power Corporation (SCPC) and Southwest Luzon Power Generation Corporation (SLPGC). Together, they have 860 MW of dependable capacity, with 42% contracted to specific customers as of end-2025.