PGEO - PT. Pertamina Geothermal Energy Tbk

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JAKARTA. PT Pertamina Geothermal Energy Tbk (PGEO), has allocated capital expenditure (capex) budget of USD 250 million in 2023. It is included in the total investment worth USD 1.6 billion planned by the company from 2023 to 2027.

Nelwin Aldriansyah, Director of Finance of PGEO, confirmed that the 2023 capital expenditure budget is set to USD 250 million, equivalent to approximately IDR 3.77 trillion (using the rate of IDR 15,084 per USD). Said amount is 326.67% higher than the 2022 capex of USD 60 million.

Accordint to Aldriansyah, the key to promote higher revenue is to increase PGEO’s installed capacity. Then, in order to boost the currently installed capacity of 600 MW, the company has set aside new investment totalled to USD 1.6 billion, as further explained by Nelwin in the official disclosure on Friday (24/3).

Aldriansyah then revealed that the capex will be utilised to maintain and continue the operation of existing geothermal work areas, as well as building the additional power plant of 55 MW in Lumut Balai work area and its supporting infrastructures. (AM/ZH)