Pertamina Geothermal Energy is in expansion mode and doing well since it went public on February 24, 2023.
PGE share price has gone up from an IPO price of 875 IDR on February 24, 2023, to 1190 IDR, an increase of 36%.
The company booked a US$406.28 million profit in 2023 compared with US$386 in 2022, an increase of 5.24%.
Pertamina Geothermal Energy says it needs 3 billion USD until 2029 to support its expansion targets.
It aims to have a total capacity of 1000 MW in 2026.
For 2024, it allocated US$547 million as its capital expenditures.
Currently, PGE operates several geothermal power plants with a total capacity of 672 MW.
It is constructing the 55 MW Lumut Balai Unit 2 geothermal plant which is expected to start operating towards the end of 2024. This project will bring the total installed capacity to 727 MW.
The company is working on the development of 55 MW Hululais Unit 1 and 55 MW Hululais Unit 2 power plants.
It is drilling development wells for Lahendong Unit 7 and Unit 8 power stations with a target COD in 2027.
While PGE is busy increasing its geothermal energy production capacity in Indonesia, it also eyeing geothermal development opportunities overseas.
In Kenya, the company is in discussion with Geothermal Development Company (GDC) on a joint development of the Suswa geothermal field.
In Turkiye, Pertamina Geothermal Energy recently signed a Non-Disclosure Agreement with Kipas Holding to develop a geothermal prospect in Turkiye.
Jamin Djuang – Chief Learning Office of LDI Training
