State-owned geothermal company PT Pertamina Geothermal Energy (PGE) booked  strong performance in the first quarter of 2025, posting revenues of US$101.51 million as of March 31, 2025. 

Amid global energy industry dynamics and ongoing economic headwinds, PGE reaffirmed its commitment to fostering a sustainable energy ecosystem by accelerating the energy transition and contributing to national energy sovereignty through geothermal energy utilization.

Global geopolitical tensions have continued to impact economic stability, creating uncertainty for clean energy investments. Currency volatility and broader macroeconomic fluctuations have also affected financing and progress in renewable energy projects, including geothermal.

As of March 31, 2025, the company reported:

• Total Assets: US$3.03 billion, up 0.93 percent YoY

• Equity: US$2.04 billion, up 1.56 percent

• Cash and Cash Equivalents: US$703.86 million, up 7.43 percent

• Net Cash from Operating Activities: US$77.47 million, a 12.04 percent hike YoY

Fundamentals

PGE Finance Director Yurizki Rio emphasized that the strong operating cash flow reflects the effectiveness of the company’s business strategies. The company is on track to support Indonesia’s energy transition while aiming to independently manage 1 gigawatt (GW) of installed capacity within the next 2–3 years.

“We are committed to accelerating geothermal development by optimizing operational efficiency. We have adopted a strategic spending approach geared towards long-term growth. PGE’s solid performance in recent years serves as a strong foundation for sustainable expansion, benefiting a wider public,” Yurizki said in a statement on Wednesday, April 30, 2025.

Key projects supporting this target include the development of Lumut Balai Unit 2 (55 MW), Hululais Units 1 & 2 (110 MW), and several co-generation projects with a total capacity of 230 MW. Lumut Balai Unit 2 is expected to commence operations mid-year, further strengthening PGE’s green energy portfolio and boosting operational and financial performance in 2025.

Sustainable energy

PGE is committed to delivering reliable geothermal-based clean energy, increasing the share of renewables in Indonesia’s energy mix, and contributing to the national Net Zero Emissions 2060 target.

President Director Julfi Hadi reaffirmed PGE’s central role in advancing the national green energy transition and securing a sovereign energy future for Indonesia.

“We are prioritizing strategic investments to accelerate geothermal development. At the same time, we continue to maintain strong profitability, robust operating cash flows, and cost efficiency,” he said.

PGE currently manages an installed capacity of 1,887 MW − comprising 672 MW operated independently and 1,205 MW in joint operation contracts. The company targets increasing its independent capacity to 1 GW within two years, and 1.7 GW by 2033.