Back to announcement
20231109_PGEO_Laporan Informasi dan Fakta Material_31507782_lamp1.pdf
Other Text extracted PGEOSource file signed link, expires in 15 minutes
Extracted text 28
Page 1
Earnings Call 9M 2023 Pertamina Geothermal Energy Creating Value to Accelerate Indonesia’s Geothermal Development
Page 2
Disclaimer
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, EXCEPT TO “QUALIFIED INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”)) OR IN ANY OTHER JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.
This presentation and the accompanying slides (the “presentation”) contain selected information about the activities of Pertamina Geothermal Energy Tbk (the “Company”) and its subsidiaries and affiliates (together, the “Group”) as at the date of the presentation. It does not purport to present a comprehensive overview of the
Group or contain all the information necessary to evaluate an investment in the Company.
This presentation is for information purposes only and is not a prospectus, disclosure document or other offering document under any law, nor does it form part of, and should not be construed as, any present or future invitation, recommendation or offer to purchase or sell securities of the Group or an inducement to enter into
investment activity in any jurisdiction. No part of this presentation nor the fact of its distribution should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. If there is any subsequent offering of any security of the Company, it will be made pursuant to a separate
and distinct offering documentation. Any decision to purchase securities in the context of an offering of securities (if any) should be made solely on the basis of information contained in the offering documentation published in relation to such offering.
This presentation is being communicated to selected persons who have professional experience in matters relating to investments for information purposes only and does not constitute a recommendation regarding any securities of the Group. Other persons should not rely or act upon this presentation or any of its contents.
The contents of this presentation are strictly confidential. By viewing or accessing the presentation, you acknowledge and agree that (i) the information contained herein is strictly confidential and (ii) the information is intended for the recipient only and, except with the prior written consent of the Company and Australia and New
Zealand Banking Group Limited, Citigroup Global Markets Asia Limited, The Hongkong and Shanghai Banking Corporation Limited, MUFG Securities Asia Limited Singapore Branch, SMBC Nikko Securities (Hong Kong) Limited, BNP Paribas, Mandiri Securities Pte. Ltd and United Overseas Bank Limited (together, the “Joint Lead
Managers”), (a) the information shall not be disclosed, reproduced or distributed in any way to anyone else and (b) no part of these materials may be retained and taken away following this presentation and the participants must return this presentation and all other materials provided in connection herewith to the Company at the
completion of the presentation. The distribution of this presentation in certain jurisdictions may be restricted by law and recipients should inform themselves about and observe any such restrictions. In particular, this presentation may not be transmitted or distributed, directly or indirectly, in or into the United States, Canada or
Japan.
Hong Kong Securities and Futures Commission Code of Conduct (Paragraph 21 – Bookbuilding and Placing Activities) – In the context of any offering of securities, certain of the Joint Lead Managers are “capital markets intermediaries” (together, the “CMIs”) subject to Paragraph 21 of the Code of Conduct for Persons Licensed by or
Registered with the Securities and Futures Commission (the “Code”).
Associated Orders and Proprietary Orders: Prospective investors who are the directors, employees or major shareholders of the Company, a CMI or any of its group companies will be considered as having an association with the Company, the relevant CMI or the relevant group company. Prospective investors associated with the
Company or a CMI (including any of its group companies) should specifically disclose whether they have any such association to a CMI and the Joint Lead Managers (and such CMI and the Joint Lead Managers may be required to pass such information to the Company and certain other CMIs) when placing an order for such
securities and should disclose, at the same time, if such orders may negatively impact the price discovery process in relation to the offering. Prospective investors who do not disclose their associations are deemed not to be so associated. Where prospective investors disclose such associations but do not disclose that such order
may negatively impact the price discovery process in relation to the offering, such order is hereby deemed not to negatively impact the price discovery process in relation to the offering. If a prospective investor is an asset management arm affiliated with a CMI, such prospective investor should indicate when placing an order if it is
for a fund or portfolio where such CMI or its group company has more than 50% interest, in which case it will be classified as a “proprietary order” and subject to appropriate handling by CMIs in accordance with the Code and should disclose, at the same time, if such “proprietary order” may negatively impact the price discovery
process in relation to the offering. Prospective investors who do not indicate this information when placing an order are hereby deemed to confirm that their order is not such a “proprietary order”. If a prospective investor is otherwise affiliated with a CMI, such that its order may be considered to be a “proprietary order” (pursuant
to the Code), such prospective investor should indicate to a CMI and the Joint Lead Managers when placing such order. Prospective investors who do not indicate this information when placing an order are hereby deemed to confirm that their order is not such a “proprietary order”. Where prospective investors disclose such
information but do not disclose that such “proprietary order” may negatively impact the price discovery process in relation to the offering, such “proprietary order” is hereby deemed not to negatively impact the price discovery process in relation to the offering.
Order Book Transparency: Prospective investors should ensure, and by placing an order prospective investors are deemed to confirm, that orders placed with a CMI are bona fide, are not inflated and do not constitute duplicated orders (i.e. two or more corresponding or identical orders placed via two or more CMIs). In addition, any
other CMIs (including Private Banks) submitting orders with the Joint Lead Managers should disclose the identities of all investors when submitting orders with the Joint Lead Managers. When placing an order, Private Banks should disclose, at the same time, if such order is placed other than on a “principal” basis (whereby it is
deploying its own balance sheet for onward selling to investors). Private Banks who do not provide such disclosure are hereby deemed to be placing their order on such a “principal” basis. Otherwise, such order may be considered to be an omnibus order (see further below) pursuant to the Code. Private Banks should be aware that
placing an order on a “principal” basis may require the relevant Joint Lead Managers to apply the “proprietary orders” requirements of the Code to such order and will require the relevant Joint Lead Managers to apply the “rebates” requirements of the Code to such order. In the case of omnibus orders placed with the Joint Lead
Managers, CMIs (including Private Banks) should, at the same time, provide underlying investor information (name and unique identification number) in the format and to the relevant recipients indicated to such CMIs (including Private Banks) by the Joint Lead Managers at the relevant time. Failure to provide such information may
result in that order being rejected. In sharing such underlying investor information, which may be personal and/or confidential in nature, CMIs (including Private Banks) (i) should take appropriate steps to safeguard the transmission of such information; (ii) are deemed to have obtained the necessary consents to disclose such
information; and (iii) are deemed to have authorised the collection, disclosure, use and transfer of such information by the Joint Lead Managers, other CMIs and/or any other third parties as may be required by the Code. In addition, prospective investors should be aware that certain information may be disclosed by the Joint Lead
Managers and other CMIs which is personal and/or confidential in nature to the prospective investor. By placing an order with the Joint Lead Managers, prospective investors are deemed to have authorised the collection, disclosure, use and transfer of such information by the Joint Lead Managers to the Company, certain other
CMIs, relevant regulators and/or any other third parties as may be required by the Code, it being understood and agreed that such information shall only be used in connection with the offering.
Singapore Securities and Futures Act Product Classification – In connection with Section 309B of the Securities and Futures Act 2001 of Singapore (the “SFA”) and the Securities and Futures (Capital Markets Products) Regulations 2018 (the “CMP Regulations 2018”), the Company has determined, and hereby notifies all relevant
persons (as defined in Section 309A(1) of the SFA), the classification of the securities as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).
This presentation does not constitute or form part of any offer to purchase, a solicitation of an offer to purchase, an offer to sell or an invitation or solicitation of an offer to sell, issue or subscribe for, securities in or into the United States or in any other jurisdiction. No securities mentioned herein have been, or will be, registered
under the U.S. Securities Act, or any state securities laws or other jurisdiction of the United States and no such securities may be offered or sold in or into the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements under the U.S. Securities Act and any
applicable state or local securities laws of the United States.
This presentation has been prepared by the Company based on information and data which the Company considers reliable, but none of the Company and the Joint Lead Managers makes any representation or warranty, express or implied, as to and no reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information contained herein or any statement made in this presentation. The presentation has not been independently verified. The Company, each member of the Group, the Joint Lead Managers and their respective affiliates, directors, employees, advisers and representatives do not accept any liability for any
facts made in or omitted from this presentation. To the maximum extent permitted by law, the Company, each member of the Group, the Joint Lead Managers and their respective affiliates, directors, employees, advisers and representatives disclaim all liability and responsibility (including without limitation any liability arising from
negligence or otherwise) for any direct or indirect loss or damage, howsoever arising, which may be suffered by any recipient through use of or reliance on anything contained in or omitted from or otherwise arising in connection with this presentation.
The information contained in, and the statements made in, this presentation should be considered in the context of the circumstances prevailing at the time. There is no obligation to update, modify or amend such information or statements or to otherwise notify any recipient if any information or statement set forth herein,
changes or subsequently becomes inaccurate or outdated. The information contained in this document is provided as at the date of this document and is subject to change without notice.
Any prospective investor that intends to deal in any existing or prospective securities of the Company is required to make its own independent investigation and appraisal of the business and financial condition of the Group and the nature of the securities at the time of such dealing. No one has been authorised to give any
information or to make any representations other than those contained in this presentation, and if given or made, such information or representations must not be relied upon as having been authorised by the Company, the Joint Lead Managers or their respective affiliates. The information in this presentation does not constitute
financial advice (nor investment, tax, accounting or legal advice) and does not take into account a prospective investor’s individual investment objectives, including the merits and risks involved in an investment in the Company or its securities, or a prospective investor’s financial situation, tax position or particular needs.
This presentation includes figures relating to EBITDA. EBITDA is not a standard measure under IFAS, but is a widely used financial indicator of a company’s ability to service and incur debt. EBITDA should not be considered in isolation or construed as an alternative to cash flows, net income or any other measure of performance or
as an indicator of the Group's operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities. In evaluating EBITDA, prospective investors should consider, among other things, the components of EBITDA such as total revenue and operating cost and the amount by which EBITDA
exceeds capital expenditures and other charges. EBITDA have been included because it is believed that each is a useful supplement to cash flow data as a measure of the Group's performance and its ability to generate cash flow from operations to cover debt service and taxes. EBITDA presented herein may not be comparable to
similarly titled measures presented by other companies. Prospective investors should not compare the Group's EBITDA to EBITDA presented by other companies because not all companies use the same definition.
Past performance information in this presentation should not be relied upon as an indication of (and is not an indicator of) future performance. This presentation contains “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the
Company's control that could cause the actual results, performance or achievements of any member of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Similarly, statements about market and industry trends are based on
interpretations of current market conditions which are also subject to change. Attendees are cautioned not to place undue reliance on forward looking statements. No representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this
presentation will actually occur.
This presentation contains data sourced from and the views of independent third parties. In replicating such data in this document, none of the Company and the Joint Lead Managers makes any representation, whether express or implied, as to the accuracy of such data. The replication of any third party views in this document
should not necessarily be treated as an indication that the Company or the Joint Lead Managers agrees with or concurs with such views.
A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension, reduction or withdrawal at any time by the relevant rating agencies. The significance of each rating should be analysed independently from any other rating.
By participating in this presentation, attendees agree to be bound by the foregoing limitations.
2
Page 3
Board of Directors Profiles
Julfi Hadi Nelwin Aldriansyah Ahmad Yani Rachmat Hidajat
President Director Director of Finance Director of Operation Director of Exploration and Development
Experience: Experience: Experience: Experience:
▪ SVP Geothermal Assets, Medco Power Director Investment Banking, Bahana VP Upstream Business Development &
▪
▪ GM Area Geothermal Lahendong, ▪
Indonesia Securities Pertamina Geothermal Energy Portfolio, Pertamina
▪ President Director, PT Medco Cahaya Director M&A, CIMB Securities VP Upstream Business Growth, Pertamina
▪
▪ Manager Drilling Planning & ▪
Geothermal Indonesia Support, Pertamina Geothermal
▪ Board of Director, PT Sarulla Operating Ltd ▪ Director Debt Capital market, ANZ- Energy
▪ VP Exploration and Subsurface, Supreme Panin Bank ▪ Manager Operation Area Lahendong,
Energy Corporation Pertamina Geothermal Energy
Education:
Education: ▪ Master of Business Administration, Institut
Education: Education: Teknologi Bandung
▪ Master of Science in Geothermal
▪ Diploma in Geothermal Technology, Master of Business Administration, ▪ Bachelor of Petroleum Engineering, Institut
▪
Exploration, Universitas Indonesia
University of Auckland University of Strathclyde Teknologi Bandung
▪ Bachelor of Petroleum Engineering,
▪ Master of Science in Geology, University of Bachelor of Economy, Universitas
▪
Universitas Islam Riau
Texas, El Paso, USA Indonesia
▪ Bachelor of Science in Geology, University
of Texas, El Paso, USA
3
Page 4
Table of Contents
Company Profile
BoD Profiles, Contractual Framework, Geothermal Working
Areas, and Portfolio Overview
Key Performance Highlights
Operations and Financials Performances
Sustainability Performance
Environmental and Social Aspects
Development Highlights – 9M 2023
Project and Business Partnership Updates, International
Expansion
Page 5
Company Profile
5
Page 6
Ownership of PT Pertamina Geothermal Energy, Tbk
PGE is ultimately controlled by Pertamina and is strategically important for Pertamina’s energy transition commitment
Government of Pertamina is 100% owned by the Government of Indonesia
Indonesia and is very well supported by the Government considering its
(Rating Baa2 / BBB / BBB) critical role to the national energy sector
100%
Integrated Indonesian state-owned energy company,
committed to support PGE to become a Leading Green
(Rating Baa2 / BBB / BBB) Energy Company in line with its energy transition commitment
99.99% 99.93%
PUBLIC
Pertamina’s direct subsidiary which heads Pertamina’s venture capital arm, Leading renewable energy company owned
Pertamina Group’s Power and New dedicated to invest in Pertamina Group’s by the Abu Dhabi National Oil Company,
Renewables. Portfolio spans across solar, subsidiaries and affiliates Mubadala Investment Company, and Abu
biogas, and gas-based generation assets Dhabi National Energy Company
69.01% 5.99% 15.00% 10.00%
Strong support and
strategic parentage
from Pertamina
Page 7
Geothermal Business Process
PGE Commit to Create Value in Geothermal Development
Upstream Downstream
Notice of Resource Confirmation (NORC) Notice of Intend to Develop (NOID) Ground Breaking
Concession Bidding Process Power Purchase Agreement Negotiation
COD
Survey 3G Exploration Development Feed EPCC Production
1-2 Years 2-3 Years 4-6 Years > 30 Years
Activities
▪ Legal Permission: IPPKH, IMB, SIPPA, AMDAL, etc ▪ Legal Permission: IPPKH, IMB, SIPPA, AMDAL, etc
▪ Maintenance &
▪ Land Clearance/acquisition ▪ Land Clearance/acquisition
Operation
▪ Exploration well drilling ▪ Exploration well drilling and reinjection well drilling
▪ Reservoir Management
▪ Construction ▪ Detailed design & construction of power plant and supporting facilities
▪ Make up well (drilling)
▪ Geology, Geochemistry, Geophysics studies & survey ▪ IUPTL (Izin Usaha Penyediaan Tenaga Listrik)
Page 8
Contractual Framework
PGE has 100% offtake agreement with PLN
IPPs Key contracts
SSC
Steam Sales Contract (SSC)
JOC Contractors PPA
JOC ESC The agreements that producers of steam enter into with Independent Power
Producers (IPPs) and PLN which govern the sale of steam
Power Purchase Agreement (PPA)
Steam field development
Steam fields are owned and managed by PGE, while power plants are owned and operated by PLN The agreements between PLN and PGE which govern the sale of electricity PGE
produces and sell to PLN for it to distribute on its grid
SSC Joint Operation Contract (JOC)
▪ The agreement that PGE enter with independent third parties, or JOC
Contractors, whom PGE has invited to conduct geothermal operations within its
working areas
Steam field Geothermal power plant Transmission line ▪ JOC Contractors are responsible for all geothermal operations within their
respective JOC areas and own all of the assets related to their power generation
Integrated development operations
Steam fields and power plants are owned and operated by PGE
Energy Sales Contract (ESC)
PPA Tripartite agreements that the JOC Contractors, as the deliverer of electricity and/or
steam, PLN, as the purchaser of electricity and/or steam, and PGE, as the holder of
the working area, enter into to govern the sales of electricity and/or steam produced
by the JOC contractors and sold to PLN or another off taker
Average years remaining in PPAs, SSCs and ESC: > 20 years
Steam field Geothermal power plant Transmission line
Page 9
Key Corporate Milestones
PGE has been a part of Pertamina for the last 29 years
▪ Pertamina supplied ▪ Established and transferred ▪ Government passed Law ▪ Developed the 3rd geothermal ▪ Developed the 8th ▪ Completed
steam to the 1st geothermal assets to No. 21/2014, affirming the power plant in Ulubelu geothermal USD608m IPO
geothermal power plant Pertamina Geothermal validity of PGE’s ▪ Developed the 4th and 5th power plant in on the
in Indonesia, located in Energy (“PGE”) concessions for 30 years geothermal power plant Lumut Balai Indonesia Stock
Kamojang ▪ Finished construction of the and the validity of the JOCs Exchange
units in Lahendong
2nd unit in Lahendong until maturity
▪ Supplied steam to ▪ Developed PG ’s 1st ▪ Developed the 2nd ▪ Developed the 6th ▪ Completed construction
another 2 units in geothermal power geothermal geothermal power of a small binary
Kamojang plant in Kamojang power plant in plant in Ulubelu power plant in
Kamojang Lahendong
▪ Supplied steam ▪ Supplied steam to ▪ Developed the 7th ▪ Corporate and
to the 2 geothermal geothermal power financial
geothermal power plant units plant in Karaha reorganization
power plant in in Ulubelu 2023
Lahendong 2022
2019
2018
2017
2016
2015
2014
2012
2007 2008
1983 1987 2001
605 MW 747 MW 747 MW 875 MW 875 MW 875 MW 875 MW 1,205 MW 1,205 MW 1,205 MW 1,205 MW 1,205 MW
30 MW 140 MW 162 MW 182 MW 252 MW 402 MW 402 MW 437 MW 532 MW 587 MW 617 MW 672 MW 672 MW 672 MW
PGE own operations and JOC installed capacity (MW)
PGE own operations installed capacity J C’s installed capacity(1)
J C started in 1994 with 165 MW of J C’s installed capacity. n the working areas where PG has contracted with a J C Contractor to undertake geothermal operations, the JOC Contractor is responsible for all aspects of
operating the steam above ground system and power plant operations. In situations where the JOC Contractor operates the power plant themselves, PGE sells the electricity and steam produced to PLN under an energy sales
contract, while the JOC Contractor delivers the steam and electricity to PLN. After PGE has been paid by PLN, PGE forward the proceeds to the JOC Contractor, net of the production allowance as a result of the JOC
Contractor operating within PG ’s working areas.
Page 10
Geothermal Working Areas
Pertamina Geothermal Energy is critical to the Global Geothermal Industry with 35 years of experience
Lahendong Unit 1-6 (120 MW)
Lumut Balai Unit 1 (55MW) Sulawesi Utara
Seulawah Own operation
Sibayak (12 MW) Lumut Balai Unit 2 (55 MW)
Aceh Sumatera Utara Sumatera Selatan
Exploration
Kotamobagu**
Sungai Penuh Kamojang unit 1-5 (235 MW) Sulawesi Utara)
(1x55 MW) Jawa Barat
Development
Jambi
Joint Operation Contract
JOC Sarulla (330 MW)
Sumatera Utara
Hululais (2x55 MW)
Bengkulu JOC Wayang Windu
(227MW)
Hululais Ext. (Bukit Daun) Jawa Barat
Bengkulu
JOC Bedugul
Ulubelu Unit 1-4 (220MW) Bali
Lampung
JOC Gn.Salak (377MW)
Jawa Barat JOC Darajat ( 271 MW)
Jawa Barat
Karaha unit 1 (30 MW)
Jawa Barat
13 672
Geothermal Working Areas MW of total installed
and 1 Assignment Working Area geothermal capacity within
*Assignment from PT Pertamina (Persero) own operations
*as of December 31, 2021) **Assignment from PT Pertamina (Persero)
Page 11
Geothermal Working Areas
82% of Total Geothermal Installed Capacity in Indonesia are Within PGE’s Geothermal Working Area
Own Operations Exploration Development Joint Operation Contract
Star Energy – Star Energy –
Darajat Salak
Star Energy – Sarulla –
Wayang Windu Namora I Langit
Sarulla – Bali Energy –
Kotamobagu* Silangkitang Bedugul
* Assignment from PT Pertamina (Persero)
Page 12
Key Performance
Highlights
12
Page 13
9M2023 Performance Highlights
Financial Position (USD mn.) December 31, 2022 September 30, 2023 % Production Costs September 30, September 30,
%
(USD cents/KWh) 2022 2023
Total Assets 2,475 2,906 17.41
Steam 2.38 2.56 7,56
Total Liabilities 1,220 967 (20.74)
Electricity 5.38 5.56 3,35
Total Equity 1,256 1,939 54.37
Weighted Avg. 3.89 4.10 5,40
Cash Flow (USD mn.) September 30, 2022 September 30, 2023 %
Selling Price September 30, September 30,
Beginning Balance 125 262 109.60 %
(USD cents/KWh) 2022 2023
Cash flow from operations 164 192 17.07
Steam 6.22 6.35 2.09
Cash flow from investment (11) (39) 254.55
Electricity 9.81 9.88 0.71
Cash flow from financing (47) 268 670.21
Weighted Avg. 8.03 8.16 1.61
Forex Impact (1) 0 (100)
Ending Balance 230 683 196.96
December 31, September 30,
Financial Ratios (%) %
2022 2023
Capex (USD mn) September 30, 2022 Target 2023
ROA 5.14 4.59 (10.70)
Development 24 80
Current Ratio 50.5 403.8 699.6
Maintenance 31 83
Interest Bearing Debt
Total 55 163 74.1 36.8 50.33
to Equity
• Strong Cash Flow reflects high cash flow from operation due to higher production, proceeds from IPO and green bond, repayment of principal on bridging loan, and payment of dividends
• Higher Cost of Production primarily due to higher depreciation, interest expense, G&A, and production costs
• Higher Electricity Selling Price contributed from higher CPI & PPI index in the US.
Page 14
Operation
Performance 9M 2023
14
Page 15
Key Operations Highlights – 9M2023
Kamojang Lahendong Ulubelu Lumut Balai Karaha
Generation 1,281.33 GWh 663.97 GWh 1,216.88 GWh 352.55 GWh 71.21 GWh
Vs. 1,241.17 GWh (9M22) Vs. 635.26 GWh (9M22) Vs. 1,172.65 GWh (9M22) Vs. 329.29 GWh (9M22) Vs. 60.69 GWh (9M22)
+3.24% YoY +4.52% YoY +3.77% YoY +7.06% YoY +17.33% YoY
• Higher electricity demand • Higher electricity demand • Additional generation up to 20 MW • Higher electricity demand • Unplanned shutdown
• Acceleration of Unit 5 Turn • Improvement in availability factor from Ulubelu Area SAGS • Production achievement decreased from 2.5% (2022)
for all Unit Debottlenecking project • Implementation of House to 0.7% (2023)
Activity Around implementation from
• The completion of landslide
plan 25 days with the actual of • Acceleration of Unit 5 • Acceleration of Unit 4 Turn Load, Free Governor and
Highlights 11 days Maintenance Outage Around implementation from plan Power System Stabilizer mitigation infrastructure in
• Acceleration of Unit 2 Simple implementation from plan 8 days 21 days with the actual of 16 days Operations karaha
Inspection implementation with the actual of 5 days • Ongoing acceleration make up well
from plan 30 days with the UBL-R2.6
actual of 21 days • On progress FEED Pilot Project
Hydrogen
Capacity Factor 84% 84% 89% 97% 85%
EAF : 99.12% EAF : 99,58% EAF : 98.61% EAF : 97,32% EAF : 94.53%
Reliability
EFOR : 0.40% EFOR : 0.14% EFOR : 0.01% EFOR : 0.00% EFOR : 1.42%
15
EAF : Equivalent Availability Factor EFOR : Equipment Forced Outage Rate
Page 16
Production Performance (Own Operation) – 9M2023
Production Performance 9M 2023 (GWh) – Comparison Production Performance 9M 2023 (GWh) – Per Working Area
Production increased on a YoY basis by 4.3% in the YTD-September 2023 due to the following factors:
1. Completion of de-bottlenecking works of Ulubelu units 1-4 where as a result, they increased production.
2. Shutdown of Karaha facility from Nov. 2021 through March 2022 due to landslide incident.
3. Major overhaul of Ulubelu unit 3 (occurred in 2Q22), Lahendong units 5 & 6 (occurred in 1Q22), and first year inspection of Lumut Bali unit 1 (happened in 3Q22).
Production declined by 2.5 percent on QoQ basis mainly contributed to number of operation days and maintenance works (major overhaul of Lahendong
unit 1 from 16 September through 25 October 2023, Lahendong unit 3 for 1 day in September and Lahendong unit 5 for 5 days in September).
16
Page 17
Financial Performance
9M 2023
17
Page 18
9M2023 Financial Highlights
Profit & Loss 9M23 (in US$ mn) Revenue Breakdown 9M23 (in US$ mn)
+7% +6%
9M22 9M23
+8%
309
293 9M22 9M23
287 282 276
+20% 261
+11%
216
+3% 183 180 +20%
165
134
122 126
111
+40%
100%
11 16
0 1
Revenues Cost of Gross Profit Operating Net Profit EBITDA Own Operation Production Carbon Credit
Revenues Profit Allowance
• Higher Revenue contributed from own operations, production allowance and carbon credit.
• Higher Net Income due to higher Revenue, Gross Profit, Operating Income, Interest Income, and Forex Gain.
• Higher EBITDA mainly contributed from higher Operating Income and Depreciation.
Page 19
Carbon Credit Revenue
Since 2011, PGE has experienced in managing Carbon Credit Projects
In 2022, PGE has successfully issued ~1,7 million Ton In September 2023, PGE also contribute in domestic
CO2eq of CERs under CDM and Gold Standard Mechanism carbon market, by issuing 864,209 Ton CO2eq
Commercial Total CERs Revenue
No Carbon Credit Project Period Realization
Operating Date (COD) (TCO2eq) (USD)
1 Gold Standard Lumut Balai 1-2 1 Sept 2019 in the verification process
2 Gold Standard Karaha 1 6 April 2018 192.809 COD to 29 Feb 2020 80.316,52 2022
3 Gold Standard Ulubelu 3-4 26 Juli 2016 1.549.663 COD to 29 Feb 2020 667.129,92 2022
4 SRN Lahendong 5-6 15 Sept 2016 459.953* COD to 31 Des 2020 731.863,00 2023
5 Gold Standard Kamojang 5 29 Juni 2015 in the verification process
*from total 864,209 tCO2eq Verified Carbon Unit (VCU), as September 2023
Geothermal power generation has
10x
lower carbon emission footprints
compared to power generation from
non-renewable resource
19
Page 20
Project Development
Highlights 9M 2023
20
Page 21
PGE has identified an additional 340 MW to add to existing 672 MW to become
3,794 a ~1 GW capacity Geothermal company in two years*
United States
2,356 FID
Indonesia Resource Confirmation Feasibility Study
490 Pre-FS
MW 490Permitting
MW FEED
490490
MWMW Execution
490 MW
1,935 ! QUICK WINS
Philippines 110 110 110 TOTAL 340 MW 110
World Geothermal SLW LMB EXT HLS
Unit 1&2
Installed Capacity 2 Technology Optimization
60
1,682 HLS - BU (Binary) 55
16,127 MW 55
UBL Ext
LMB
Value (MW)
Unit 2
40 40 40 BU 30 MW
LHD
LMB LP 10 MW
1,037 Ext 7&8 UBL
BDN - BU
BU 20 MW 35 BU 20 MW
LP 20 MW LHD
LP 15 MW
20
963 SPN - BU 10 10 BDN - BU
SBY - BU
944
KMJ - LP
5
LHD - BU
5 5 5
335 MW 30 MW 180 MW 165 MW
672 MW existing +
944 340 MW quick win =
754 PGE 1 GW Secondary Product
621 company
(Green Hydrogen)
1,097
Project Development and Execution Plan Stage
➢ Total additional installed capacity onwards : 710 MW
➢ Note = LMB = Lumut Balai ; HLS = Hululais; BDN : Bukit Daun; LHD = Lahendong; KMJ = Kamojang; SBY = Sibayak; UBL = Ulubelu; SPN = Sungai Penuh;
*After PPA Signed
SLW = Seulawah; BU = Binary Unit; LP = Low Pressure
21
Disclaimer : The information contained in this document should not be regarded as an indication of the future performance or results of the Company, or an indication that there has
been no change in the information about and relevant to the Company since the date hereof or since the dates as of which information is given in this document.
Page 22
Project Highlight
LUMUT BALAI UNIT 2 LAHENDONG UNIT 7&8 HULULAIS UNIT 1&2
(1x55 MW) (2x20 MW) (2x55 MW)
Expected COD by the end of 2024 Expected COD by 2026 Expected COD by 2026
• Basic Design Engineering is 100% ▪ Well A1 has been drilled successfully, ▪ 110 MW steam available on the
complete. currently in heating up status wellhead
• FCRS foundation drilling has begun ▪ Rig mobilization to Cluster P2 ▪ Front End Engineering Design for steam
• Intensive start of timber cruising (2nd exploration well) field facilities has been completed
preparations for transmission line ▪ Ongoing process of land acquisition for
• GPP earthwork is 100% complete production facilities
22
Status Update Sept 30th 2023
Page 23
International Expansion
Based on 35 Years of Experience in Geothermal Energy and Finely-Tuned Business Models, We are Expanding Abroad
We are Mapping Key Geothermal Markets for Expansion Kenya as Our First Footprint Internationally
Unit: GW Capacity CAGR PGE has signed a Memorandum of Understanding
2022-2030
29.6 with Africa Geothermal International No.1 Ltd
0.4% (AGIL) and Geothermal Development Company
13%
+8% (GDC) to explore developing a major geothermal
12% in Kenya
20% Power Plant
Longonot
Size
6% 140 MW
19.4 CAPEX COD
$700 M 2027
20%
11% 11%
16.1 PPA
8 cents/kwh
24% 14% 4%
20%
Power Plant
5% 9%
Size
15% 10%
Suswa 3x100 MW
7%
12% 10% CAPEX COD
25% (TBD) (TBD)
10% 7%
5% 19% PPA
6%
6% 10% Other 5%
Price not disclosed
6%
21% 18% 13%
2022 2025 2030
23
Source: Think geoenergy 2021, Statista
Page 24
Business Partnership
Collaboratte to accelerate Indonesian Geothermal Energy Industry
Way Ratai Development
Location : Lampung
Poss. Reserve : 100 Mwe
(SNI 6009: 2017)
Est. Temp. : 203-247
Dev. Plan : 55 Mwe
Project type : Total Project
Estimated COD : 2031
▪ PGEO and Chevron bring together differentiated capabilities in
subsurface characterization, geothermal development and execution in
novel geothermal and end-use technologies.
▪ Escrow and Joint Venture Agreement has been signed on Oct 3rd 2023
▪ The composition of partnership is 60% (Chevron) and 40% (PGEO)
▪ Exploration commitment value amounts to USD 28,85 Millions
▪ Indicative capital expenditure, approximately USD 220 Millions
24
Page 25
New Source of Growth
We are Accelerating Studies and Pilot Projects to Commercialize Potential Off-Grid Business from Secondary Products
Pioneer Green Hydrogen from
Direct - Use Silica Extraction Green Methanol
Geothermal
• Steam from Lahendong and • The pilot project is being executed • Joint study with Pertamina RTI • The assessment is ongoing in
Kamojang is used directly for in Ulubelu and has the potential to to obtain a pre-feasibility Ulubelu for a potential expansion
plantation and cultivation activities create synergy with the Plaju assessment of the silica extraction from green hydrogen line
Petrochemical plant potential in Hululais
• This is one of our social • The methanol is potentially used
responsibilities to maintain the • PGE is potentially selling steam to the for fuel and chemical raw material
interaction between PGE & local hydrogen producer or to their electrical
community supplier
Pre - Study Pilot Project Implementation
25
Page 26
Sustainability Performance
9M 2023
26
Page 27
Sustainability Performance
Environment Upholds Corporate Upholds Good
Friendly Social Responsibility Corporate Governance
Emissions Intensity
41.63 gr CO2eq/kWh % Women in GCG Assessment Score
Decreased 0,64% YOY Management Level 93.15
Much lower compared to EU Taxonomy
of 100 gr CO2eq/kWh
12% Very Good
% Women IT Cyber Security System
Top Nominated Talent & Device Availability
Emissions Avoidance 24% 100%
3,004,906.47
Ton CO2eq* Commitment Realization
VS emissions from coal power plant of Corporate Social
Responsibility (CSR)
9.125
Scope 1-3 Emissions Billion Rupiah
149,288.53 ton CO eq 2
VS 3,154,195 ton CO2eq Safe Working Hours
emissions from coal power plant
9,521,466 * based on ACM 002: Grid-connected electricity generation from renewable sources
Emissions Scope 1 (Fugitive Emissions, Stationary & Mobile Combustion)
Since 6 January 2022 Emissions Scope 2 (Purchased Electricity) 27
Emissions Scope 3 (Purchased Services, Use of Sold Product)
Page 28
Investor Relation
Thank You PT Pertamina Geothermal Tbk
Grha Pertamina, Pertamax Tower Lt.7
Energy give us life, Jl. Medan Merdeka Timur No. 11-13
Green energy gives us a better life Central Jakarta, Indonesia
pge.ir@pertamina.com
Names mentioned 0 people and organisations named in the text · linked when the evidence is strong
The name pass has not read this document yet.
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.