Tuesday, July 16, 2024

PGE seeks investors in green energy

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Gusty da Costa




PT Pertamina Geothermal Energy, a subsidiary of State oil and gas company PT Pertamina, is seeking sustainable relationship with strategic stakeholders, particularly investors, to promote clean energy.

Pertamina’s Finance Director, Emma Sri Martini, said PGE demonstrated excellence in sustainability initiatives in its business operations that make it a potential driving force of Pertamina Group’s transformation towards sustainability. She stressed the importance of collaboration between the government, stakeholders, and PGE in advancing a policy ecosystem that is friendly to new and renewable energy, especially geothermal.

“Geothermal is the future, not only for Pertamina Group, but also for Indonesia. We need to unlock the potential of this abundant resource. Let’s jointly advance the investment policy climate in a better direction, namely towards the transition to clean energy. A big appreciation to PGE Lahendong Area for supporting long-term sustainable growth, which is not only good for the environment and society, but also a good investment opportunity,” Emma told the Pertamina Investor Day event in Manado, North Sulawesi, on Wednesday, June 26, 2024.

Pertamina Investor Day is an interactive event between investors and Pertamina Group through several agendas, such as earning calls, dialogue forums, and visits to several Pertamina operating areas, one of which is the Lahendong PGE Area in Tomohon, North Sulawesi.

A Pertamina delegation visited the Lahendong Geothermal Working Area (WKP) which has a production capacity of up to 120 MW from six Geothermal Power Plants (PLTPs) that contribute up to 30 percent of the electricity needs of North Sulawesi and Gorontalo. Afterwards, the delegation visited Lao-Lao Geothermal Park, which is the first hot spring pool in Indonesia that utilizes geothermal energy, an evidence that geothermal not only has great potential as a green energy backbone in the national energy transition, but can also be a driver of the tourism industry.

PGE Lahendong Area is planning business development through various revenue generation initiatives, such as unit additions that are projected to increase capacity to 150 MW by 2026 and 200 MW by 2029, as well as new business schemes through strategic partnerships. Other initiatives, namely process heat & geo-agribusiness, Lao-Lao Geothermal Park, and green hydrogen, will contribute as new sources of revenue for the company.

PGE Finance Director Yurizki Rio affirmed that PGE’s various initiatives in upholding environmental, social and governance (ESG) aspects are the company’s proactive steps in optimizing new and renewable energy sources, reducing emissions, and implementing responsible operating practices.

“The renewable energy sector, especially geothermal, is a potential investment opportunity for a greener future. PGE not only supports the national zero emission aspiration, but also empowers communities and safeguards the environment in a positive and sustainable manner,” Yurizki said.

PT Pertamina Geothermal Energy is part of the Power & New Renewable Energy (PNRE) Subholding of PT Pertamina, which is engaged in geothermal exploration, exploitation and production. Currently PGE manages 15 Geothermal Working Areas with an installed capacity of 1,877.5 MW, divided into 672.5 MW operated and managed directly by PGE and 1,205 MW managed under a Joint Operation Contract scheme. The installed geothermal capacity in PGE’s working areas contributes around 80 percent of the total installed geothermal capacity in Indonesia, with the potential to reduce CO2 emissions by around 9.7 million tons per year.

Gusty da Costa






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