Meralco · CLP · National Grid — three grids, one lens.
Environmental, social, and governance data for electricity utilities — Meralco (FY2024), CLP (FY2025) and National Grid (FY2025/26). Every figure is taken only from each company's latest official report. N/D = not disclosed · N/A = not applicable.
01 — Snapshot
Portfolio totals & averages
3
Utilities Compared
Meralco · CLP · National Grid
42.2MtCO₂e
Combined S1+S2
⚠ different boundaries
41,556
Combined Workforce
Total employees
2050
Net-Zero Target
Scope 1+2
2 / 3
External Assurance
limited assurance
18.2–46%
Female Board
disclosed range
Combined Scope 1+2 spans different reporting boundaries — shown for context only, never as a like-for-like total.
02 — Emissions
Operational GHG, as reported
Emissions Visualisation
Absolute GHG emissions (tCO₂e) as reported in each utility's latest official report.
Not a like-for-like comparison. The three utilities differ in scope and scale — Meralco (Philippines, incl. MGen generation), CLP (Asia-equity group) and National Grid (a much larger UK + US T&D group whose Scope 3 is ~53% sold gas). Different boundaries mean larger ≠ worse — use only to read each company's own footprint.
03 — Comparison Matrix
Two views: as-reported & normalised
3 electricity utilities
Do not rank these absolute numbers against each other. Meralco (Philippines distribution + MGen generation), CLP (Asia-centric vertically integrated group, equity basis) and National Grid (a much larger UK + US T&D group) have very different reporting boundaries and scales — larger ≠ worse. Use these only to understand each company's own footprint.
Metric
Meralco
Philippines · FY2025
CLP
Hong Kong · FY2025
National Grid
UK / USA · FY2025/26
Business model
Integrated electric utility (distribution + generation)
Vertically integrated electric utility
Transmission & distribution only
City / climate
Metro Manila — Dense tropical megacity, tropical climate
Hong Kong — Dense vertical city, humid subtropical climate
London (HQ); New York & New England (US) — Large multinational T&D operator; temperate UK + NE US
Reporting period
FY2025
FY2025
FY2025/26
Scope 1
Direct
Scope 2
Energy indirect
Scope 2 basis
N/D — not re-verified for FY2025
N/D (single Scope 2 figure; location/market basis not labelled)
Location-based (explicitly stated; market-based not reported)
Scope 3
Value chain
Total GHG
SF₆ emissions
Switchgear gas
Reporting & Assurance
External assurance
N/D
KPMG
Deloitte LLP
Reporting frameworks
GRI 2021GRI G4 Electric UtilitiesSASB (IF-EU)IFRS S2TCFD-aligned
N/D = not disclosedN/A = not applicable to this business modelEmissions in tCO₂e, as reported.
04 — Company Profiles
Business model & headline figures
ME
Manila Electric Company (Meralco)
Metro Manila · FY2025
Integrated electric utility (distribution + generation)
Scope 1
Scope 2
Net-Zero
Fem. Board
Headcount
Indep. Dir.
GRI 2021GRI G4 Electric UtilitiesSASB (IF-EU)IFRS S2TCFD-aligned
6 data notes & caveats ▾
This 17-A filing's Part V 'Sustainability Report' (printed page 157 onward, per the filing's own Table of Contents) is where GHG emissions, energy, safety and community-investment KPIs live — that section was NOT reached by text extraction this cycle (which covered roughly the front matter through Item 13, Corporate Governance, ending around printed page 149). Rather than carry forward the FY2024 Integrated Report's figures under a new FY2025 reportingPeriod, those fields are left N/D — see individual field comments for what each N/D represents.
System loss IS confirmed for FY2025 from the Operational Data table in Item 6 (MD&A): 5.85% (FY2025), 5.99% (FY2024, matching the figure previously stored), 5.88% (FY2023) — all below the 6.50% regulatory cap.
Board composition confirmed unchanged: 11 directors, 3 independent (incl. 1 female independent director), 7 non-executive, 1 executive — independentDirectorsPct 27.3% matches the figure previously stored. Board gender split is now also confirmed: 9 male, 2 female directors (18.2%) — this was previously N/D ('exact board gender % not disclosed'); it is disclosed in this filing's Board Diversity section.
Headcount: the filing states 'MERALCO has a total of 6,175 regular employees' as at 31 Dec 2025, but this is the MERALCO parent-company headcount only (Managerial/Executive 1,822 + Supervisory/Rank-and-file 4,353) — a materially narrower scope than the 'One Meralco' consolidated-group figure (19,623, including MGen and other subsidiaries) previously stored under this field. Left N/D rather than substituting a different-scope number.
'Lost Time Injury ("LTI") cases declining by 21%' is stated in Item 6, but this is a year-over-year change in case count, not the LTIFR rate itself (the metric this field represents) — left N/D.
No net-zero target, external-assurance statement, SF₆ figure, training-hours figure, or community-investment SGD/PhP figure for FY2025 was found within the extracted portion.
CLP is a VERTICALLY INTEGRATED electric utility (generation + transmission + distribution + retail). Scope 1 (34,356 kt) is dominated by power generation it owns. Absolute emissions are only loosely comparable with Meralco given CLP's much wider multinational group boundary.
All ESG figures are CLP GROUP (Hong Kong + Mainland China + Australia + India + Taiwan/SE Asia) on an equity basis — NOT CLP Power Hong Kong alone. CLP Power HK (the Scheme-of-Control business) serves ~2.9M customer accounts and 35,760 GWh of sales but does not publish its own Scope 1/2/3 split.
FY2025 ESG figures are independently assured by KPMG (ISAE 3000 / ISAE 3410).
Carbon intensity 0.50 kg CO₂e/kWh is the S1+S2+S3(Cat3) equity + long-term-purchase basis; the equity-only S1+S2 intensity is 0.58 kg CO₂e/kWh. Meralco reports per-GWh (134 tCO₂e/GWh = 0.134 kg CO₂e/kWh) — convert before comparing.
SF₆ is reported as mass (3 tonnes of SF₆ gas), not in tCO₂e, so the tCO₂e field is shown as N/D to avoid an unlabelled derived value.
System/T&D loss % is N/D (not disclosed); CLP reports reliability indices instead (e.g. supply availability 99.999%). The metric applies to its business — this is N/D, not N/A.
Injury rate uses a per-200,000-work-hours basis — different from Meralco's per-million-hours LTIFR; not directly comparable.
Community figure is the HK$240M CLP Community Energy Saving Fund allocation; a consolidated community-investment total is not disclosed in the Annual Report.
Verified July 2026 against the CLP Holdings 2025 Sustainability Report (a different CLP document than the Annual Report originally cited, but the same FY2025 period, and CLP's own official report). That document does not carry CLP's absolute Scope 1/2/3/total GHG tonnages, its 0.58 kg CO2e/kWh S1+2-only intensity, female workforce/senior-management %, or board independence % — those live in the Annual Report's Five-Year ESG Data table or the separate ESG Databook, neither available in Drive — so scope1, scope2, scope3, total, normIntensity, femaleWorkforce, femaleSeniorMgmt and indepDir remain uncited (reported, not confirmed).
The Sustainability Report's 'Employees and contractors by region' table (Group total Average FTE 8,467.2) is close to but does not exactly match the stored headcount of 8,539 (a different metric — average FTE across the year vs. the Annual Report's point-in-time headcount) — left uncited rather than treated as a straight match.
NG
National Grid plc
London (HQ); New York & New England (US) · FY2025/26
SCALE: National Grid is a large MULTINATIONAL utility (UK + USA, ~33,000 employees) — far larger in scale and different in geography from Meralco and CLP. Absolute emission and community totals must NOT be compared directly.
BUSINESS MODEL: predominantly a T&D/networks operator. Scope 1 (5,001 kt) is partly driven by Long Island fossil-fuel generation contracted to LIPA, not core T&D operations. It divested National Grid Renewables and Grain LNG in FY2025/26.
Scope 2 (2,510 kt, location-based) is almost entirely electricity network line losses — the expected profile for a T&D operator. No market-based Scope 2 is reported.
Scope 3 (29,503 kt) is dominated by sold gas (Category 11 = 19,736 kt, ~53% of total footprint) — a fundamentally different Scope 3 profile from Meralco/CLP; not comparable as a single headline.
GHG intensity (425 tCO₂e/£M revenue) is a revenue-based metric — not comparable with CLP's per-kWh or Meralco's per-GWh intensities.
SF₆: absolute value is N/D in the 20-F (only a −43% reduction vs 2018/19 baseline is stated; target −50% by 2030/31). The absolute figure sits in the separate Responsible Business databook, which is blocked to automation.
System/T&D loss %: N/D — line losses are disclosed in GWh (15,111 GWh Group) but not as a percentage of throughput.
Training hours/employee, anti-corruption training %: N/D in the 20-F (in the separate, blocked Responsible Business data tables).
Community figure (£6.8M/yr, GBP) is the Grid for Good fund only; do not aggregate or rank against CLP's HK$ or Meralco's PhP figures.
Independent directors 81.8% (9 of 11) uses the Companies Act basis (8 independent NEDs + Chair independent on appointment); NED-only would be 72.7%.
External assurance by Deloitte LLP (limited assurance, ISAE 3000 / ISAE 3410) on ESG/Responsible Business metrics.
Data taken from the SEC-filed Form 20-F because nationalgrid.com is Cloudflare-blocked to automated access. Fiscal year ends 31 March.
Verified July 2026 against the 'Responsible Business review' chapter (pp.38-52) of the National Grid plc Annual Report and Accounts 2025/26 itself (a Drive upload of that excerpt, distinct from the SEC 20-F originally cited). totalGHG, netZeroYear, headcount, femaleBoard/Workforce/SeniorMgmt %, employee engagement, LTIFR and the external assurance provider all matched exactly. Scope 1/2/3 individual absolute figures, GHG intensity (425 tCO2e/£M revenue), and independent-directors % were not present in this excerpt (the first two likely sit in the separate Responsible Business data tables; board independence is a Corporate Governance-chapter disclosure) — left uncited rather than guessed.
Community investment also corroborated in this excerpt: 'the fund commits £3.5 million of support in the UK and £3.3 million in the US' each year — not formally cited (communityInvestmentNative is a free-text field, not run through the citation system) but confirms the existing £6.8M/yr figure.
All figures from official company reports only — no estimated or third-party data. Per-company notes & caveats are in the Company Profiles section above.