Pertamina Geothermal Energy Tbk

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17 Years of Leading Indonesia's Geothermal Development, Pertamina Geothermal Energy is Optimistic about Achieving Sustainable Growth

Entering its 17th year of operation, PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) continues to demonstrate its resilience and commitment to developing geothermal potential in Indonesia.

Starting in 2023, to be precise in February, the Company will conduct an initial public offering (IPO). "The 5th largest corporate action on the stock exchange recorded excellent performance with revenue of IDR 9.05 trillion and oversubscription of up to 3.81 times," said the President Director of PT Pertamina Geothermal Energy Tbk. Julfi Hadi at PGE's 17th anniversary celebration, Tuesday (12/12).

As of December 11, 2023, PGEO shares managed to rise 20.54 percent with a market capitalization of IDR 48.4 trillion.

"This achievement reflects investors' confidence in the progress of renewable energy, especially geothermal energy in Indonesia. During our operations we tried to accelerate but realistically," continued Julfi.

Julfi continued, during its operations, the Company succeeded in overcoming the challenges of business acceleration. "We have overcome this bottleneck by making changes to the business model that can make a positive contribution to increasing the Company's production," he said.

Apart from that, expansion is also the Company's main priority for the next two years. In 2023, PGE has the ambition to become a 1 GW company which will be achieved in 2026.

"With a quick wins strategy and the application of co-generation technology in several areas, the Company is currently in the process of achieving this target, of course with the help of optimizing value creation," said Julfi.

Furthermore, PGEO also collaborates with Pertamina NRE and Pertamina Patra Niaga to encourage carbon commercialization by supplying carbon credits to the main aggregator of Pertamina Geothermal Energy, namely Pertamina New Renewable Energy (PNRE) on the Indonesian carbon exchange.

Regarding carbon commercialization, Julfi explained, this year PGE has recorded carbon credit revenue of USD 732 thousand. "This is the first income from the Indonesian carbon exchange," said Julfi.

On the global stage, this year PGE is becoming more aggressive in expanding by partnering with Africa Geothermal International Limited (AGIL) to develop geothermal potential of 140 MW in the Longonot concession, Kenya, and the Geothermal Development Company (GDC) to develop geothermal potential of 3 x 100 MW in the Suswa concession, Kenya.

Proving its seriousness in developing geothermal potential, some time ago the Company formed a Joint Venture Company (JVC) with Chevron New Energies Holdings Indonesia Ltd. (Chevron) to develop WKP Way Ratai, Lampung. "The company, named PT Cahaya Anagata Energy, reflects the commitment of both parties in developing New Renewable Energy (EBT) as the energy of the future," said Julfi.

Fundamentally, Julfi said, in this 17th year the Company is in a solid position to continue to develop. "This is proven by the achievement of net profit of USD 133.4 million in the third quarter of 2023. "This figure exceeds the profit achieved throughout 2022, which at that time reached USD 127.3 million," he said.

In 2023, the Company's commitment to the environment and social affairs will be increasingly proven. This is proven by achieving a score of 8.4 which indicates the negligible risk category from the global ESG rating agency Sustainalytics.

"This ranking reflects the Company's excellence in implementing ESG practices. This award shows that PGE has integrated sustainability into business operations," said Julfi.

From the HSSE side, the Company also succeeded in receiving appreciation, including Zero Accident Awards for the Kamojang Area and 13 Gold PROPER awards from the Ministry of Environment and Forestry (KLHK) for the Kamojang and Ulubelu Areas.

This year PGE also received awards at the XXVII National Quality and Productivity Work Meeting (TKMPN), some of which are ?FTP Jaslab (Lab Kamojang): Diamond, FTP Colab (Lab Kamojang): Diamond, PCP Spicy (Project Development): Platinum, PCP Anget-Anget Jos (Kamojang): Platinum, and ?PCP Combine (Karaha): Gold.

Responding to this series of achievements, Julfi admitted that he was very proud and motivated to be even better in the coming year. "As PGE officers, of course we have to work hard to make PGE even more successful. This 17th anniversary must be interpreted with a spirit of innovation and sustainable growth in order to provide access to reliable and affordable clean energy for all Indonesian people," concluded Julfi.

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