PT Pertamina Geothermal Energy Tbk (PGE) has recorded a positive financial year through 2024 where the company reported revenues of US$407.12mn in line with the increasing demand for clean energy in Indonesia.
PDE maintained a strong profits of US$160.3mn in 2024. Despite a slight decrease from 2023’s profits of US$163.57mn, PGE has maintained healthy profitability and shown efficiency in cost management.
PGE President Director Julfi Hadi, stated, “We continue to strengthen our position as the leader of the geothermal industry in Indonesia with a sustainable operational strategy. In 2024, PGE successfully recorded the highest electricity production and revenue in history, supported by increased operational performance in several geothermal working areas. This solid performance reflects our commitment to optimizing resources and increasing our contribution to the national energy transition."
Increasing assets and better liability management are also positive indicators of the company’s performance. Last year, PGE recorded an increase in production in various regions, including Kamojang (+5.36% YoY), Lahendong (+0.40%), and Lumut Balai (+2.72% YoY). Overall, electricity production reached 4,827GW, an increase of 1.96% compared to the previous year, reflecting operational stability and efficiency.
As part of its sustainable growth strategy, PGE continues to expand its geothermal project portfolio by developing new Geothermal Working Areas (WKP) to continue to increase its contribution towards the national energy mix target of 23% new and renewable energy by 2025.
Looking ahead to this year, PGE is optimistic about continued growth with the planned commissioning of Lumut Balai Unit 2 with a capacity of 55MW.