Develop The Geothermal Energy Business, Erick Thohir Calls PGE Will Go Public

JAKARTA - Minister of State-Owned Enterprises (BUMN) Erick Thohir assigned Pertamina through PT Pertamina Geothermal Energy (PGE) to improve its business in the geothermal sector.

The reason is, the potential energy is very large but has not been widely utilized.

This potential geothermal energy needs further development. Therefore, in the near future Erick plans to seek additional funds through raising public funds on the Indonesia Stock Exchange (IDX).

"We are trying to get PGE access to additional funds for geothermal development, one of which is by going public," said Erick at the Forum Road to G20 with Himpuni, Tuesday, October 25.

Erick said that the utilization of the domestic geothermal sector needs to be carried out optimally.

This effort also encourages the realization of new and renewable energy (EBT) in Indonesia.

Erick noted that the potential for geothermal can provide electricity up to 24 GWs, while currently only 2 GWs have reached.

Therefore, maximizing geothermal can no longer be delayed and must be realized immediately.

The PGE IPO is planned to be carried out in November or December 2022.

This action is part of BUMN reform worth US$606 billion. PGE valuation engaged in geothermal energy utilization is estimated at US$2.2 billion or equivalent to Rp32 trillion.

Erick also plans to combine three SOEs that manage geothermal, namely PLN, Pertamina, and Star Energy Geothermal.

The goal is that the development of geothermal energy can be more optimal in order to boost the use of EBT in the country.

"I really want it to be merged from the start so that it becomes a unit. Why does the government have different companies," he said.