Up 4.3 Percent, PGEO Production 3,586 GWh In The Third Quarter

Geothermal (photo: dock. intermediate)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) recorded an increase in production performance in the third quarter of 2023 by 4.3 percent year on year (yoy). PGEO recorded production of 3,586 GWh from the target of 4,524 GWh at the end of 2023.

Director of Operations of PT Pertamina Geothermal Energy Tbk. Ahmad Yani revealed, during this period, Kamojang became the most productive area with a production of 1,281 GWh followed by Lahendong of 664 GWh.

He said that the Company's success in tackling bottlenecks in Ulubelu (Unit 1-4) was a determining factor that contributed positively to the increase in PGE production throughout the third quarter.

Another major factor is the maintenance of the Karaha area from November 2021 to March 2022, as well as a number of large-scale improvements to a number of geothermal power generation areas (PLTP).

"We have carried out this improvement at PLTP Ulubelu Unit 3 in the second quarter of 2022, PLTP Lahendong Unit 5 & 6 in the first quarter of 2022, and the first year of inspection of PLTP Lumut Balai unit 1 in the third quarter of 2022," he said in a statement to the media, Tuesday, October 31.

Regarding his first revenue since his participation in the Indonesian carbon exchange, PGE managed to record 732 thousand US dollars or equivalent to Rp11.3 billion. Ahmad Yani said this was a positive foundation in moving forward.

He also welcomed the additional income recorded from the Indonesian carbon exchange trading. PGE's contribution from the domestic carbon market was obtained from the issuance of 864,209 Tons of CO2eq carbon in September 2023.

"PGE has been experienced in managing carbon credit projects since 2011. Electricity generated from geothermal has a 10 times lower carbon emission footprint than power plants from unrenewable resources. This reflects our commitment to supporting the government's efforts to achieve the net zero emission target," said Ahmad Yani.

Ahmad Yani explained that the carbon credit generated by PGE was produced from the Karaha (Unit 1), Ulubelu (Units 3 and 4), and Lahendong (Unit 5 and 6) projects.

"For Lumut Balai (Unit 1 and 2) it is currently still in the verification stage," he added.

Meanwhile, trading on the Indonesian Carbon Exchange PGE involved the Lahendong project (Unit 5 and 6) as a result of collaboration with PT Pertamina Power Indonesia (PPI) since April 2023.

Technically, Ahmad Yani explained that the Pertamina Group's carbon sales were carried out by PPI, which is a subholding Power & New Renewable Energy (PNRE). Meanwhile, PGE only plays a role in providing the carbon supply needed by investors on the Indonesian Carbon Exchange.