The Ministry of Energy and Mineral Resources (ESDM) confirmed that the 2024–2060 National Electricity General Plan (RUKN) aligns with Indonesia’s 8% economic growth target. Pramudya, ESDM’s Electricity Generation Planning Coordinator, highlighted the importance of reliable electricity infrastructure to support industrial growth, particularly in mineral downstreaming. Critical minerals like nickel and cobalt are central to Indonesia’s battery industry, enabling renewable energy integration. The RUKN emphasizes electricity availability for smelters and mineral processing while advancing the energy transition.
Indonesia’s BKPM targets 16.75% annual investment growth to achieve 8% economic growth by 2029, requiring $13.5 trillion in investments. A new mandate integrates downstreaming to boost economic transformation, aiming to attract $618B by 2040, create 3M jobs, and grow exports.
Amnesty International Indonesia urged President Prabowo Subianto to replace National Police Chief General Listyo Sigit Prabowo, citing rampant ethical and procedural violations. Executive Director Usman Hamid highlighted frequent police violence, including incidents during August 2024 protests where 579 civilians were victimized. Amnesty recorded 116 violence cases in 2024, with notable incidents in November sparking public debate. Hamid declared a “state of police violence emergency,” attributing the issue to systemic failures and lack of accountability. He called for police reform, emphasizing human rights, transparency, and public oversight to address recurring abuses and safeguard citizens’ freedoms.
Indonesia’s 3M homes program attracts Qatar & UAE investors for 1M homes yearly. Key challenges—land, licensing, financing—are being addressed via a planned housing law. BP Tapera managed Rp8.12T by 2022, signaling strong investment potential to boost housing & economy.
XL Axiata, Smartfren Telecom, and Smart Telcom merged to form XLSmart, valued at $6.5B, with Axiata Group and Sinar Mas Group holding equal stakes. The merger aims to bridge Indonesia’s digital divide, enhance connectivity, and support digital transformation. XLSmart will improve services, expand market reach, and boost ASEAN regional connectivity.
PT PLN will launch the Karangkates floating solar plant in East Java by 2026, partnering with GD Power Development. Projects at Saguling and Singkarak with Acwa Power are also in progress. PLN, alongside EBTKE, is evaluating 38 reservoirs to expand renewable energy and support Indonesia’s green energy transition.
Coal and electric vehicle company PT TBS Energi Utama Tbk (TOBA) – which 10% of shares are owned by Coordinating Minister for Maritime Affairs and Investment Luhut Panjaitan – has allocated between US$ 50 million and US$ 60 million of capital expenditure (Capex) for the year 2023. The Capex would be allocated for the development of the new EVs and the renewable energy with its subsidiaries.
PT Bayan Resources Tbk. (BYAN) has absorbed capital expenditure (Capex) of US$ 166.2 million on the construction of a coal transport road, overland conveyor and a barge loading facility in Muara Pahu, East Kalimantan. The company seeks to increase its 2023 coal production targets to over 45 million tons, an increase compared to 2022 which was below 40 million tons.
Investment Minister/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia announced that investment realization from January to September 2022 has reached IDR 892.4 trillion – or 74.4% of the target – both foreign and direct investments. He was upbeat that his ministry could reach a targeted investment of IDR 1,200 trillion for the year 2022.
PT Galva Technologies Tbk (GLVA) has planned to allocate IDR 80 billion of Capex for 2023 to strengthen the company’s recurring income through managed services business model.
