PT Pertamina Geothermal Energy Tbk (PGEO) optimistis target penambahan kapasitas Pembangkit Listrik Tenaga Panas bumi (PLTP) akan tercapai.
Apalagi, pengembangan panas bumi (geothermal) akan sejalan dengan misi pemerintahan baru. Mengingat Presiden Prabowo Subianto dalam pidato pelantikannya menyoroti panas bumi sebagai salah satu aset penting untuk mencapai swasembada energi.
Apalagi, pengembangan panas bumi (geothermal) akan sejalan dengan misi pemerintahan baru. Mengingat Presiden Prabowo Subianto dalam pidato pelantikannya menyoroti panas bumi sebagai salah satu aset penting untuk mencapai swasembada energi.
Category
📺
TVTranscript
00:00PEMIRSA
00:05Good morning to all of you who have just joined us, PEMIRSA.
00:08You are now watching Market Buzz.
00:10Unlike usual, where we will be talking to capital market observers or analysts,
00:15today we will be talking to EMITEN.
00:17But before that, PEMIRSA, we have some information,
00:20especially about the Spotlight market, or the sentiment that is our main concern.
00:25Among them, PEMIRSA has Bank Mandiri, Telkom, BBNI, Sam Kelolaan, and Antara,
00:31which were closed due to weakness, PEMIRSA.
00:36Then, Technology, which is still leading the sector by 7.42%.
00:42Sam Brand and AMMN, becoming the weight of IHSG with weakness of 8.7% and 5.15%.
00:49We will see what PEMIRSA's infographic looks like.
00:55SPOTLIGHT
01:03From the Spotlight market, we move to the economic agenda.
01:06Among them, PEMIRSA has the U.S. Index of Consumer Trust,
01:09then there is the domestic product, Brutto, Quartal 4 from Germany,
01:13and several agendas from a number of other countries.
01:16From EMITEN, PEMIRSA has the PGAR, the General Stockholder Meeting,
01:19the Tele-Obligatory Emissions in Phase 2, 2012,
01:24the Tele-Obligatory Emissions in Phase 3, 2017,
01:28and the Tele-Obligatory Emissions in Phase 2, 2016.
01:34From the EMITEN agenda, PEMIRSA moves to the Asia update,
01:38which could be the opening of trade.
01:41In the past few days, everything is moving in a negative direction.
01:44Nikkei fell by 1%, Singapore fell by 0.14%,
01:49China fell by 0.2%, Hong Kong fell by 2.68%.
01:56SPOTLIGHT
02:04Today, PEMIRSA will discuss the prospects of the green industry
02:09together with PT Pertamina Geothermal,
02:12and has attended the video conference of Mr. Yurisky Ryo,
02:15Director of PT Pertamina Geothermal Energy, TBK.
02:19Good morning, Mr. Ryo.
02:21Good morning, Mrs. Prisa.
02:23How are you, sir?
02:25I'm fine, thank God. How are you, Mrs. Prisa?
02:27I'm great.
02:29Talking about great news, Mr. Ryo.
02:32Yesterday, it was announced,
02:34and after being postponed since the end of last year,
02:38it was officially announced.
02:40What is included in this initial phase is BUMN,
02:42and there are 7 BUMNs, including Pertamina.
02:45What is the response from PT Pertamina Geothermal Energy
02:51related to this launch?
02:53Actually, in our opinion, the response is quite positive
02:58for PT Pertamina Geothermal Energy.
03:01Because we are currently in a critical juncture
03:06where all industry players, including us,
03:09including us, geothermal developers,
03:12then stakeholders, and so on,
03:15we have been singing the same song, singing the same tune
03:18to always support the program of this new government
03:24related to the existence of successful energy transitions,
03:27then to contribute to GDP growth,
03:32and the third is of course to achieve energy sustainability.
03:35If we say from a successful energy transition,
03:39it can be said that geothermal is a resource
03:43that has a characteristic baseload,
03:45so we can also provide a source of electricity
03:49or electricity supply that is very reliable and reliable.
03:53The capacity factor can reach 90%,
03:56so this can provide a sustainable electricity energy supply.
04:00Secondly, if we talk about a successful energy transition,
04:03it's not enough.
04:05The energy transition must be attractive,
04:07so geothermal is what we at PGE also hope
04:11can create some kind of a GDP multiplier effect.
04:15If we just develop the heat of the earth,
04:19that's what we do now,
04:22but actually if we go deeper,
04:24supporting industry, supporting value chain,
04:26there are still many that we can develop
04:28so that this can create a new industry or economy
04:31that can create an economic multiplier effect.
04:35And the third, of course,
04:37with our abundant resources from PGE itself,
04:40then we baseload in characters,
04:42in my opinion, this is already inevitable.
04:45If PGE has a lot of resources,
04:47we can be the backbone
04:49to achieve or help the government through this
04:53so that Indonesia can achieve energy sustainability.
04:55Okay, that's what we also hope with the government.
04:58For example, PGEO can be the backbone
05:01to achieve energy sustainability.
05:03Now, it's been on the stock market since February 23, 2023.
05:07What significant changes have happened
05:10after two years of being an open company?
05:13Okay, maybe as a context,
05:16if we talk about the development of the heat of the earth,
05:19there is indeed a life cycle project,
05:21where if we do capex spending this year,
05:24it's not as obvious as we can enjoy the revenue next year.
05:29So there are processes that we have to go through.
05:32Well, for PGE, since we went public in 2023,
05:37we have achieved several important milestones
05:41in the development of business that is significant,
05:44especially as a TBC company operating in the heat of the earth.
05:46If concretely,
05:48in December 2024,
05:51we have completed the mechanical completion
05:54for the PLTP Lumut Balai Unit 2 project.
05:56This is part of our efforts
05:59to increase the installed capacity
06:02to 55 megawatts, which will be COD very soon.
06:06Secondly, we have also completed
06:10the steam field development
06:13for our area in Hululais,
06:16which is 110 megawatts,
06:18where PGE will supply steam
06:21to PLN's power plant,
06:23whose COD target is very soon, in 2027.
06:25And also, we have done
06:28a joint venture arrangement with PLN Group
06:31in September 2024
06:33to develop a co-generation power plant,
06:36where this co-gen is an optimization
06:39of the existing power plant using a certain technology
06:42that can produce an additional capacity of up to 20%.
06:46The total identified co-gain
06:48by 2030 is 230 megawatts,
06:51which we will collaborate with PLN
06:54for a project target of 45 megawatts.
06:57That was the short-term target.
06:59To meet the medium-term target,
07:01in 2024, we have also completed
07:04several important milestones.
07:06For example, the final investment decision
07:09has been approved so that we can start
07:11activities for exploration,
07:13especially for some of our strategic projects,
07:15such as the Lumut Balai Unit 3,
07:17which will be 55 megawatts,
07:19the COD target is still in 2030.
07:21The Tanjung 3 project is also 50 megawatts,
07:24and the COD target is in 2028.
07:26Lahendong 78, 50 megawatts,
07:28will be the COD target in 2028.
07:30And our new project,
07:32Kota Mobabu for Unit 1 and 2,
07:34is around 50 megawatts.
07:36This is also the result of a joint venture
07:38with one of UAE's large funds, Mubadlah.
07:41Later, these projects
07:43that we are working on now
07:45will have an impact
07:47to increase the installed capacity
07:49in the medium-long term,
07:51up to 3-5 years in the future
07:52to support our growth.
07:54In terms of production,
07:56in 2023 and 2024,
07:59our PGE has recorded
08:01the highest production
08:03in history,
08:05even exceeding
08:07the corporate guidance we provide
08:09to the media and analysts.
08:11In 2023, our production reached
08:134,735 gigawatt hours,
08:15and in 2024 we reached
08:174,827 gigawatt hours.
08:20Okay.
08:22There are a number of important milestones
08:24that have been achieved in 2024
08:26and are starting to be explored.
08:28There is even a production record
08:30from 2023 to 2024.
08:32But for the financial report
08:34of Kinerja Fuliyar 2024,
08:36it hasn't been released yet, right?
08:38Not yet.
08:40What do you think will be the support?
08:42And can you tell us
08:44a little bit about the opportunity?
08:46Yes.
08:47Maybe throughout 2024,
08:49I can say,
08:51maybe I can't disclose the numbers yet,
08:53but I'm sure we can achieve
08:55a pretty solid performance.
08:57As I said earlier,
08:59even our production level
09:01reached 4,827 gigawatt hours,
09:03where our target was
09:05around 4,600 gigawatt hours.
09:07Although there is no
09:09new capacity installed,
09:11but we can optimize
09:13our production to increase
09:15from the previous year.
09:17There are several activities
09:19such as acceleration of maintenance time,
09:21then we drill make-up wells
09:23to fulfill existing contracts,
09:25and also optimizing the capacity of the plant.
09:27Well, if we look at
09:29from 2024,
09:31the highest growth production
09:33is from our two areas,
09:35from Karaha and Lemut Balai,
09:37with the highest increase in production.
09:39But maybe the biggest contributor
09:41is still from the Kamojang area
09:43and also the Ulu-Belu area.
09:45If combined,
09:47the production reached
09:491.7 gigawatt hours in 2024
09:51with a capacity factor of 85%.
09:53That's from the operational side.
09:55But from the financial side,
09:57our friends in finance
09:59managed to do
10:01what is called
10:03prudent cash optimization
10:05and also foreign exchange management.
10:07So there is a significant
10:09income from interest income
10:11and from unrealized gain on forex.
10:13Maybe in 2024,
10:15I can't tell you the full year,
10:17but just to remind,
10:19maybe for 9 months of 2024,
10:22our revenue will reach
10:24US$306 million,
10:26where EBITDA will reach
10:28US$267 million
10:30and the net profit is US$134 million.
10:32Okay.
10:34Stay tuned for the full year,
10:36maybe within the next one or two weeks
10:38we will release it.
10:40Okay. But you are optimistic
10:42that the energy will be better
10:43than in 2023?
10:45Yes, that's right.
10:47And the income will be better than in 2023?
10:49Correct.
10:51Okay, we will continue later.
10:53Mr. Ryo, we have to take a break first.
10:55Thank you, Mr. Mirsan,
10:57and we will continue later.
10:59Thank you, Mr. Mirsan,
11:01and we will continue later.
11:03We will continue later.
11:05Thank you, Mr. Ryo,
11:07we will continue later.
11:09Thank you, Mr. Ryo,
11:11we will continue later.
11:13So,
11:15for the added
11:17capacity,
11:19which will be the main supporter in 2025
11:22still from Lumut Balai Unit 2,
11:24and is there any other potential?
11:27Yes, for the added capacity,
11:31this year, as Ms. Prisa said,
11:33there is an additional 55 MW
11:35from Lumut Balai Unit 2
11:37that will be COD very soon.
11:39But if we look at it,
11:40in terms of contribution
11:44to production,
11:46it will still be supported by Kamojang
11:48and Ulu-Ulu.
11:50Maybe the total is around
11:521.7-1.8 GWh from those two units.
11:56Okay, because Kamojang
11:58has the largest added capacity.
12:00Correct.
12:02So the total for 2025 is 728 GWh, right?
12:06Correct.
12:07So, all this time,
12:09if Ms. Prisa noticed,
12:11at the time of the IPO,
12:13we still had 673 MW
12:15of added capacity.
12:17And finally,
12:19we are very proud
12:21that we can finally add added capacity
12:23that will be COD very soon
12:25from Lumut Balai Unit 2.
12:27And this is actually
12:29an entry point
12:31or gateway to bring PGE
12:33to the next level,
12:35which is the main entrance
12:37for us to the added capacity
12:39of 1 GWh
12:41up to 2 or 3 years in the future.
12:432 or 3 years in the future
12:45with a target of 1 million MW, right?
12:47That's right.
12:49Is the result in 2025,
12:51this 728 GWh,
12:53just an organic PGEO growth
12:55so far,
12:57or what?
12:59Yes, that's right.
13:01It can be said that
13:03for growth
13:05up to 55 MW
13:07this is purely
13:09organic growth
13:11or our strategy,
13:13Ms. Prisa.
13:15Okay, then,
13:17what is the biggest challenge
13:19for 2025?
13:21If we look at it,
13:23there is a global sentiment
13:25about the opportunity of the United States
13:27in the new administration,
13:29Trump slaps back to fossil energy.
13:31Does it have a significant impact
13:33on the green energy industry?
13:35Is it worried like that
13:37This is indeed
13:39a very interesting topic
13:41that we have been discussing lately.
13:43But we at the PGEO
13:45we always look at
13:49considering all developments
13:51both from a global and domestic level
13:53this is all actually as
13:55risk management or as anticipation
13:57especially on the dynamics
13:59of the energy industry
14:00that continues to change and develop.
14:02But if we look at the global commitment
14:04to energy transition
14:05including Indonesia
14:07through the Paris Agreement
14:09in my opinion, it still stands.
14:11The Indonesian government has even set
14:13a roadmap for energy transition
14:15with a quite ambitious target
14:17including net zero emission
14:19will not change
14:21in 2060, even faster in 2050
14:23which may be reflected in the RUPTL
14:25which will soon be published.
14:27And if we look at Indonesia
14:29Ms. Prisa,
14:31our Earth's heat reserve
14:33is 24 GW
14:35but what is being used
14:37is only 2.6 GW
14:39so we see that the opportunity
14:41is still very big in Indonesia
14:43and the potential is also very big
14:45later it can also be used
14:47to reduce our dependency
14:49on fossil fuel energy.
14:51Okay, we can actually use it ourselves.
14:53That's right.
14:55And actually if we look at
14:57what is it
14:59until Q3 2024
15:01the PGEO still has
15:03strong firepower
15:05to support
15:07the market capacity
15:09of 1 GW.
15:11Okay, strong cash balance.
15:13That's right.
15:15With hard production
15:17strong cash balance
15:19and low PGEO profile
15:21in my opinion
15:23the impact of the baby drill
15:25that was unveiled by President Trump
15:27is thought to have minimal impact
15:29by the PGEO.
15:31At least in the next three years
15:33it will still be safe for the PGEO.
15:35With the target of 1 MW.
15:371 GW.
15:391 GW.
15:41Okay, how about the government budget cut?
15:43Earlier Mr. Arius has said
15:45that strong cash balance
15:47doesn't seem to have much impact.
15:49Is that true?
15:51Yes, actually if we look at
15:53the APBN cut
15:55the goal is actually good.
15:57It's not all that bad.
15:59Actually the government
16:01gave an invitation to the BUMN
16:03to be more independent
16:05and more creative
16:07in fundraising to support
16:09business growth.
16:11Such as by implementing schemes
16:13like public-private partnerships
16:15strategic collaborations, etc.
16:17And we also understand
16:19that the government budget
16:21is affected by several factors.
16:23If we look at
16:25our funding fathers
16:27our government
16:29cutting some
16:31spending
16:33or efficiency
16:35we will do that.
16:37We will do efficiency
16:39equal to 50%
16:41for all non-production costs.
16:43As long as
16:45this cut doesn't affect
16:47production activities
16:49we will definitely do it.
16:51Okay, so outside of
16:53production costs
16:55the core is still safe, right?
16:58That's right.
17:00Okay, so
17:02in the future
17:03there is a cooperation
17:05with Pertagas to accelerate
17:07the development of green hydrogen
17:09and green ammonia.
17:11Can you explain a little bit?
17:13Yes, we have signed
17:15a joint study agreement
17:17with Pertagas
17:19for partnership.
17:21The goal is to do
17:23several explorations
17:25for green hydrogen
17:27and green ammonia.
17:29This could be a source
17:31of energy in the future.
17:33This could be part of
17:35a technical study
17:37and feasibility study
17:39to review
17:41some aspects of the project
17:43including how much
17:45the investment cost is,
17:47the business scheme,
17:49the arrangement,
17:51the resource allocation,
17:53as well as the optimal technology.
17:55This project will most likely
17:57be carried out
17:59in the hot earths
18:01owned by PGE.
18:03This is the production
18:05of green ammonia
18:07and green hydrogen.
18:09Meanwhile, from Pertagas
18:11as an infrastructure company
18:13for national energy distribution,
18:15they have managed
18:17around 2,900 kilometers
18:19of gas transmission pipes
18:21in Indonesia that we can leverage.
18:23And indeed, if we look
18:25at the Pertagas business,
18:27they have technical capabilities
18:29in energy infrastructure management
18:31that can be used
18:33in the future.
18:35So we feel that
18:37with this step,
18:39the Pertamina Group
18:41as a Pertamina Watt
18:43can strengthen our position
18:45in building a green energy hub
18:47even beyond electricity.
18:49And again,
18:51back to a successful energy transition
18:53to achieve zero emissions
18:55in 2060 or faster.
18:57Amen. We pray that it goes well.
18:59In short, Mr. Ryu,
19:01what is your message
19:03to the Pertamina Group?
19:05Basically, PGE,
19:07we continue to support
19:09this energy transition
19:11by accelerating the development
19:13of the earth's heat capacity
19:15to one gigawatt,
19:17and we also continue
19:19to increase operational efficiency
19:21through strategic collaboration
19:23with potential partners.
19:25Again, as an energy source
19:27that we do have
19:29characteristic base load
19:31that I mentioned earlier,
19:33we will continue to support
19:35PGE Team MultifireFX
19:37if we manage to tap into
19:39the geothermal supporting value chain
19:41like the products mentioned earlier.
19:43We are always optimistic
19:45and hope that we will continue
19:47to provide added value
19:49to all shareholders
19:51and all stakeholders
19:53in supporting this energy transition
19:55to a more sustainable future
19:57and also in line with
19:59the target of renewable energy in Indonesia.
20:00Lastly, for Pertamina Geothermal Energy,
20:02the target of one gigawatt
20:04can be achieved immediately
20:06and become a green energy hub.
20:08And the most crucial thing
20:10is the energy supply.
20:12Thank you, Mr. Ryu.
20:14Good luck to you.
20:16See you again.
20:18Thank you, Ma'am Lisa.
20:20And that was a special discussion
20:22with Emiten.
20:24This time, Mr. Mirza,
20:26I hope it can be a reference for you
20:28before we move on to the next segment.
20:30Thank you, Mr. Mirza.
21:01Among others, there is Wi-Fi
21:03which is 1.63% stronger,
21:05not 10% higher,
21:07IMJS 11.83%.
21:09SCMA is 4.31%,
21:11PSAB 2.76%,
21:13IMAS is 21%.
21:15EMT brand, KDOOH,
21:17also includes 9 top gainers
21:19based on value.
21:21Meanwhile, the losers are
21:23Emiten, blue chip like Telkom
21:25which fell 2.69%,
21:27WIRG 1%,
21:28Unilever 3%,
21:30Meja, MDKA, IOTF,
21:32Elite, Film,
21:34and JRR.
21:36Technology is still leading with strength,
21:38but it has begun to be limited
21:40compared to the previous days
21:42which was 1.46%,
21:44and then finance in the second position, 0.47%.
21:46Infrastructure is a sector
21:48with weaknesses.
21:50Then there are also several other sectors,
21:52Mr. Mirza,
21:54which you can see in the RTI data.
21:56That was a brief review
21:58of Indonesia Barat.