PGE net profit up 49.7% YoY to $127.3m in 2022

Price increases in sales of steam and electricity contributed to the profit growth.

Indonesia’s PT Pertamina Geothermal Energy (PGE) reported a 49.7% year-on-year (YoY) growth in net profit in 2022 to reach $127.3m due to an increase in the price of steam and electricity.

In a statement, PGE said it saw a 4.68% YoY growth in operating income, contributing to the $17m rise in revenue. This was due to the increase in the selling price of steam end electricity, referring to the US Produce Price Index and Consumer Price Index.

The company also saw a decline in its operational expenses due to its efficiency programme. Its carbon credit sales also served as a new revenue generator.

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“Going forward, the company will focus on optimizing its existing geothermal assets, such as increasing production capacity through the co-generation technology method by utilizing existing hot water (brine) to generate electricity,” PGE said.

“Co-generation technology has been implemented at the Lahendong geothermal power plant by utilising the remaining 500 KW of steam production,” it added.

PGE is currently building the 55-megawatt (MW) Lumut Balai Unit 2 geothermal plant which is set to operate by end-2024 as part of its goal to increase its installed capacity by 600MW in 2027.

It also completed the front-end engineering design for the fluid collection and reinjection systems facility which is part of the development of the Hulu Lais Units 1 and 2 which have an installed capacity of 2 x 55MW and are expected to operate by 2026.