Indonesia’s PT Pertamina Geothermal Energy (PGE) has reiterated its commitment to realising its installed capacity target of 1GW (gigawatt) within the next 2–3 years, and to 1.7GW by 2033.
The company outlined its latest plans to investors at its annual general meeting in Jakarta last week, unveiling net profit of US$160mn in 2024, against revenues of US$401mn.
“The positive financial and operational performance confirms the success of our sustainable business strategy in advancing geothermal development in Indonesia for the benefit of the wider community,” said Yurizki Rio, Director of Finance.
Currently, PGE holds 15 geothermal working areas with a total installed capacity of 1,878 MW.
Around 672.5MW is independently operated, with the balance, 1,205MW, managed under joint contracts with partners.
The installed geothermal capacity within PGE’s working areas contributes approximately 80% of Indonesia’s total installed geothermal capacity, making it an integral player in Indonesia’s energy transition plans.
PGE recorded increased production across several areas in 2024, including Kamojang (up 5.36% year-on-year), Lahendong (up 0.4%), and Lumut Balai (up 2.72%).
In total, electricity production reached 4,827.22 GWh, up 1.96% from the previous year, the company reported, citing a “stable and efficient” operational performance.
In a statement, PGE noted that it is “optimistic” it can increase its independently-operated installed capacity to 1GW within the next two years, and again to 1.7GW by 2033.
It also noted that the Lumut Balai Unit 2 project is expected to begin operations in mid-2025, which “will further strengthen PGE’s green energy portfolio.”
“This effort supports the transformation agenda of the national energy mix by increasing renewable energy generation capacity to 76% during the 2025–2034 period,” said president director, Julfi Hadi.
“We…remain committed to delivering our best performance in support of the national energy transition,” he added.