JAKARTA – PT Pertamina Geothermal Energy Tbk (PGEO), a subsidiary of PT Pertamina (Persero), plans to increase its electricity production to 1 gigawatt (GW) by 2027–2028.

PGEO President Director Julfi Hadi stated that this initiative is part of the company’s contribution to supporting the national energy mix target and the transition towards the use of renewable energy.

"The company is optimistic that it can increase its independent installed capacity to 1 GW in the next two years, and to 1.7 GW by 2033," said Julfi in an official statement on Tuesday (3/6).

Currently, PGEO’s total installed generation capacity stands at 1,887 megawatts (MW), consisting of 672 MW from independent power plants and 1,205 MW from partnership-operated plants.

At the same time, PGEO is accelerating the completion of the Balai Lumut 2 project, which is projected to add 55 MW of installed capacity.

"This project will strengthen our green energy portfolio and signal PGE’s optimism in enhancing operational and financial performance throughout 2025," Julfi said.

Throughout 2024, PGEO recorded increased output in several working areas.

Production in Kamojang rose 5.36% year-on-year, Lahendong by 0.40% yoy, and Lumut Balai by 2.72% yoy.

Overall, PGEO’s electricity output in 2024 grew by 1.96% to 4,827.22 GWh.

Despite the rise in electricity production, PGEO’s net profit declined by 1.89% year-on-year to USD 160.49 million, or equivalent to IDR 2.67 trillion (based on an exchange rate of IDR 16,666/USD) in 2024.

This came despite the company’s revenue increasing 0.20% to USD 407.12 million in 2024, up from USD 406.28 million in the previous year.

Most of PGEO’s 2024 revenue came from its steam and electricity sales business, which contributed USD 390.53 million.

PGEO’s two largest customers are PT Perusahaan Listrik Negara (Persero), contributing USD 240.51 million in revenue, and PT PLN Indonesia Power with USD 150.01 million.

"The company continues to maintain solid profitability, strong operating cash flow, and consistent cost efficiency," said Julfi. (DH/KR/ZH)