PGEO Shares Fly 20.54 Percent

Illustration (Photo: Doc. Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) recorded an increase in share prices by 20,54 percent until December 2023 since its premiere in February.

PGEO also recorded a market capitalization of IDR 48.4 trillion.

"This achievement reflects investor confidence in renewable energy advances, especially geothermal in Indonesia, while operating we tried to accelerate but realizely," said PGE President Director Julfi Hadi, Wednesday, December 13.

Julfi continued, while operating, the Company managed to overcome the challenges of business acceleration. This challenge is overcome by making changes to business models that are able to make a positive contribution to the increase in the Company's production.

In addition, expansion is also the Company's top priority for the next two years. In 2023, PGE has ambitions to become a 1 GW company which will be achieved in 2025.

"With the quick wins strategy and the implementation of co-generation technology in several areas, the Company is currently in the process of achieving this target, of course with the help of optimizing value creation," said Julfi.

PGEO also collaborated with Pertamina NRE and Pertamina Patra Niaga to encourage carbon commercialization by supplying carbon credit to the main aggregator of Pertamina Geothermal Energy, namely Pertamina New Renewable Energy (PNRE) on the Indonesian carbon exchange.

Regarding carbon commercialization, Julfi explained, this year PGE has posted a carbon credit revenue of 732,000 US dollars.

"This is the first revenue from the Indonesian carbon exchange," said Julfi.

On the global stage, this year PGE is increasingly aggressive in expanding by partnering with Africa Geothermal International Limited (AGIL) to develop the geothermal potential of 140 MW in the Longonot, Kenya, and Geothermal Development Company (GDC) concessions to develop geothermal potential for 3 x 100 MW in the Suswa concession, Kenya.

The company also formed a Joint Venture Company (JVC) with Chevron New Energies Holdings Indonesia Ltd. (Chevron) to develop WKP Way Ratai, Lampung.

The company, named PT Cahaya Anagata Energy, reflects the commitment of both parties in developing New and Renewable Energy (EBT) as energy for the future, "said Julfi.