Semirara Mining and Power Corporation reported operating results for the first quarter ended March 2024. Coal sales jumped by 37% from 3.5 million metric tons (MMT) to 4.8 MMT, largely driven by exports which accelerated by 78% from 1.5 MMT to 2.7 MMT. From January to March, average selling price (ASP) for Semirara coal shrank by 33% from PHP 4,427 per metric ton (MT) to PHP 2,978/MT.

During the same period, the company's electricity ASP dropped by 28% from PHP 6.17/KWh to PHP 4.47/KWh, largely due to the sharp drop in wholesale electricity spot prices. In turn, electricity sales volume increased by 3% from 1,241 GWh to 1,281 GWh. This growth was primarily due to higher bilateral contract quantity (BCQ) sales, which offset the decline in spot market dispatch for the period.