- PT Pertamina Geothermal Energy (PGE) is targeted to go to the stock exchange or Initial Public Offering (IPO) in 2022.
- PGE will focus on business development and optimizing geothermal potential as a green energy source in Indonesia.
- In addition to utilizing geothermal energy as an energy source for power generation, PGE will also diversify its business “beyond energy”.
PT Pertamina Geothermal Energy (PGE) is targeted to go to the stock exchange or Initial Public Offering (IPO) in 2022. PGE is also reported to have registered in the initial stages of listing on the stock exchange or Initial Public Offering (IPO).
According to the Deputy Minister of SOEs, PGE’s IPO is currently being pursued this year to be realized. SOEs are also trying to make the PGE IPO run smoothly this year. Considering that various preparations for the sale of shares through the IPO have already taken place and have been carefully prepared.
According to PGE’s Corporate Secretary, PGE will focus on business development and optimizing geothermal potential as a green energy source in Indonesia, as well as assessing funding for its development.
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Based on PGE data, the installed capacity of the PGE Geothermal Power Plant currently reaches 1,877 Mega Watts (MW). The installed capacity includes those managed together with other companies (Joint Operation Contract/JOC) of 1,205 MW. Then, for the installed capacity of the Geothermal Power Plant which is managed by PGE itself is 672 MW.
The capacity of Geothermal Power Plants which managed by PGE is generated from the Wayang Windu, Darajat, Mount Salak, Sarulla and Bedugul Geothermal Power Plants. PGE now manages 15 Geothermal Working Areas.
In 2030, based on the Company’s Long Term Plan, PGE targets the installed capacity of Geothermal Power Plants managed by PGE to increase by around 920 MW to 1,540 MW from the current 620 MW. When combined with JOC, it means that the total installed capacity of PLTP in 2030 will be 2,745 MW.
The government targets an additional 3,300 MW Geothermal Power Plant capacity in Indonesia until 2030. Thus, PGE’s capacity will increase to around 5,400 MW in 2030. From the additional 3,300 MW PLTP until 2030, PGE contributes around 920 MW.
By 2020 PGE will be the third largest geothermal producer in Asia. By 2025, PGE targets to become the third largest geothermal company in the world. And in 2030, it can become a world-class green energy company aka “World Class Green Energy Company”.
To achieve this target, PGE will continue to increase the installed capacity of the Geothermal Power Plant. From the current 672 MW managed by PGE alone, PGE targets to increase it to 975 MW in 2025. Then it will increase again to 1,540 MW in 2030.
In addition to utilizing geothermal energy as an energy source for power generation, PGE will also diversify its business “beyond energy”. For example, development of hydrogen, agribusiness, geothermal tourism, silica extraction, development of CO2 methanol which will play a role in reducing carbon dioxide emissions, and others.
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This public offering of shares is intended to increase the transparency of PGE’s future performance. In addition, it is also an effort to increase investment while looking for strategic partners who want to enter into IPO transactions.
The target of the funds raised from this IPO could reach US$ 400 million to US$ 500 million or around Rp. 7.15 trillion.
According to BUMN, the IPO plan is to develop the geothermal business, particularly Pertamina and Indonesia in general. As is known, Indonesia’s geothermal resources are the second largest in the world, after the United States.
Until the end of 2020, the United States was ranked first for geothermal resources, reaching 30,000 Mega Watts (MW). Meanwhile, Indonesia has 23,965 MW of geothermal resources.
But unfortunately, the utilization of geothermal energy that is managed to become a Geothermal Power Plant in Indonesia is only 2,130.7 MW until the end of 2020. Therefore, PGE continues to increase the capacity of geothermal power plants. This is because geothermal energy sources in Indonesia can be managed properly.
Editor: Riana Nurhasanah
References:
[1]Sstt..Pertamina Geothermal Ternyata Sudah Daftar Untuk IPO
[2]Jadi! Pertamina Geothermal Bakal Melantai di Bursa Tahun Ini
[3]Mau IPO Semester I 2022, Intip Rencana Bisnis PGE ke Depan
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