Jakarta, May 5, 2026 — Throughout the first quarter of 2026, PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) recorded electricity production growth of 15.22 percent year-on-year (YoY) to 1,370 gigawatt hours (GWh). This increase was the main driver of the Company's positive performance at the start of the year.
Management announced this strong production performance in an Earnings Call presentation to investors and analysts held on Tuesday (May 5, 2026). In line with production growth, PGE posted revenue of US$116.56 million, a 14.82 percent increase from US$101.51 million in the same period last year. PGE also recorded a net profit of US$43.899 million, a 40 percent increase compared to US$31.352 million in the same period last year.
PGE Operations Director Andi Joko Nugroho stated that the increase in production during this period reflects asset optimization and improved operational efficiency across various operational areas.
"This positive trend reflects increasingly optimal operational performance, along with maintained asset reliability and increased production efficiency. This performance is also supported by contributions from several key working areas, including Kamojang (483 GWh), Lahendong (213 GWh), Ulubelu (408 GWh), Lumut Balai (240 GWh), and Karaha (26 GWh). This increase was further strengthened by the operation of the 55-megawatt (MW) Lumut Balai Unit 2 Geothermal Power Plant (PLTP) in mid-2025," said Andi Joko Nugroho.
Furthermore, the company also recorded a 5.03 percent year-on-year increase in capacity factor to 90.77 percent. Availability factor also increased by 0.27 percent to 99.63 percent. This further confirms the reliability of geothermal energy as the backbone of the national energy sector.
PGE President Director Ahmad Yani said that this achievement reflects the optimization of asset utilization and operations in various PGE Geothermal Working Areas (WKP).
Ahmad Yani explained, "This year, PGE is targeting an increase in consolidated electricity and steam production to 5,255 GWh by 2026. Going forward, to maintain sustainable growth, the Company continues to accelerate the development of various strategic projects, including the Hululais Geothermal Power Plant Units 1 & 2 with a capacity of 2x55 MW and a co-generation project with a total capacity of 230 MW. We are ensuring that all these projects proceed according to plan so that they can serve as the foundation for the Company's long-term growth."
Going forward, PGE is targeting an installed capacity of 1 gigawatt (GW) by 2028 and 1.8 GW by 2034. The Company is also continuing to optimize the potential of the 3 GW it has identified.
Several strategic projects that are part of this development include the 30 MW Ulubelu Binary Unit (BU), which is targeted for full commercial operation (COD) in 2027. In addition to Hululais Units 1 & 2, PGE is also targeting a number of other projects to begin full operation in 2028, including Kamojang Low Pressure (LP) (5 MW), Lahendong LP (15 MW), Lahendong BU Unit 1 (15 MW), Lumut Balai BU Unit 1 (10 MW), Sibayak BU (5 MW), and Hululais BU Unit 1 (30 MW).
In addition to these projects, PGE is also preparing to develop the 55 MW Lumut Balai Unit 3 Geothermal Power Plant, which is targeted to reach COD (Cost of Production) by 2030. This entire portfolio is part of PGE's efforts to strengthen its contribution to supporting national energy security and the 2060 Net Zero Emission target.
From a sustainability perspective, as of March 31, 2026, PGE demonstrated strong and consistent ESG performance. The company recorded avoided emissions of 1,167,992.70 tons of CO2e compared to emissions from coal-fired power plants.
As a world-leading geothermal producer with over 40 years of experience, PGE currently manages 15 WKP (Working Areas) with an installed capacity of 1,932 MW. This capacity consists of 727 MW operated and managed directly by PGE and 1,205 MW managed through a Joint Operating Contract (JOC) scheme.
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About PT Pertamina Geothermal Energy Tbk
PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) is part of the Power & New Renewable Energy (PNRE) Subholding of PT Pertamina (Persero), which operates in the exploration, exploitation, and production of geothermal energy. PGE currently manages 15 Geothermal Working Areas with an installed capacity of 1,932 MW, consisting of 727 MW operated and managed directly by PGE and 1,205 MW managed under a Joint Operating Contract (JOC). The installed geothermal capacity in PGE's working areas accounts for approximately 70% of Indonesia's total installed geothermal capacity, with the potential to reduce CO2 emissions by approximately 10 million tons of CO2 per year.
As a world-class green energy company, PGE aims to create value by maximizing the end-to-end management of geothermal potential and its derivative products and participating in the national and global decarbonization agenda to support Indonesia's net-zero emission target by 2060. PGE has excellent ESG credentials, with 20 Gold PROPER awards from 2011 to 2026 from the Ministry of Environment/Environmental Control Agency. PGE is also a company with very low ESG risk, which places it as number 1 out of 679 companies in the Global Utilities Sector in the Sustainalytics ESG Risk Rating.
