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Advancing Indonesia’s Energy
Sovereignty: PGE’s Vision Towards
Becoming World’s Green Energy Giant
9M 2024 Performance Results
PT Pertamina Geothermal Energy Tbk
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Board of Directors
Julfi Hadi Ahmad Yani Edwil Suzandi Yurizki Rio
President Director Director of Operation Director of Exploration and Development Director of Finance
Experience: Experience: Experience: Experience:
▪ SVP Geothermal Assets, Medco Power GM Area Geothermal Lahendong, Director Head of Investment Banking
▪ ▪ Executive VP Upstream Business, ▪
Indonesia Pertamina Geothermal Energy Pertamina Hulu Rokan Advisory / M&A, PT BNI Sekuritas
▪ President Director, PT Medco Cahaya ▪ Manager Drilling Planning & Support, ▪ VP Upstream Production & Project, ▪ Vice President - Head of Corporate
Geothermal Pertamina Geothermal Energy Pertamina Hulu Energy Finance and Investments, Onstar
▪ Board of Director, PT Sarulla Operating Ltd ▪ Manager Operation Area Lahendong, ▪ Director of Operation/Country Express Pte. Ltd. (Group Hold Co)
▪ VP Exploration and Subsurface, Supreme Pertamina Geothermal Energy Manager, Pertamina Internasional EP ▪ Group Head of Corporate Planning, IR
Energy Corporation Algeria and ERM, PT Mitrabahtera Segara Sejati,
Tbk (MBSS)
Education: Education: Education:
Education:
▪ Diploma in Geothermal Technology, ▪ Master of Science in Geothermal ▪ Master of Petroleum Engineering, ▪ Master of Finance, Prasetiya Mulya
University of Auckland Exploration, Universitas Indonesia Institut Teknologi Bandung
Business School
▪ Master of Science in Geology, University of ▪ Bachelor of Petroleum Engineering, ▪ Bachelor of Petroleum Engineering, ▪ Bachelor of Finance, University of Texas
Texas, El Paso, USA Universitas Islam Riau Universitas Trisakti
at Dallas
▪ Bachelor of Science in Geology, University
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of Texas, El Paso, USA
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Swasembada Energi - leveraging Indonesia’s indigenous resources to achieve
successful Energy Transition NZE 2060, boost GDP growth and energy security
Self-sufficient Energy in Indonesia Geothermal proven RE to drive energy transition
Energy Transition - Nearly emission free, highly dispatchable, stable
baseload supply, located at the present and future high demand area
Accelerate national economic growth – Capacity growth from the
second biggest resources in the world, new green revenue stream,
manufacturing & off-grid product
Energy Security – Baseload to replace fossil fuel dependency, green
manufacturing is critical to enter global supply chain
Only baseload RE with high global weighted average CF1
Suitable for baseload
"If something happens that we don't want, it will 80% 90%
70%
be difficult for us to get energy sources from 36% 48%
other countries. Therefore, we must be self- 18%
sufficient in energy, and we are able to be self-
sufficient in energy. We also have underground Hydro Geothermal
Solar Wind Biomass Nuclear
energy, geothermal which is sufficient..."
1 Capacity factor is calculated as the total output energy divided by the theoretically maximum energy production at full capacity utilization.
Source: IRENA (International Renewable Energy Agency) report: Renewable Power Generation Costs in 2019, U.S. Department of Energy, EIA 4
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Energy Security - Indonesia is well positioned to become a global
powerhouse, perfectly suited to replace its reliance on fossil fuels
Indonesia, located in the Ring of Fire, is a volcanic country blessed with the world's finest geothermal resources. Despite having second largest
geothermal resources in the world, only 10% has been utilized.
▪ World’s Top Geothermal Resources Indonesia Geothermal Resources
Most of the geothermal prospects are high
temperature hydrothermal systems
Tectonic Belt - Ring of Fire low-medium temperature prospect review
▪ Indonesia has the second largest geothermal
resources in the world
o 24 GW of potential resources, but utilization
Sumatra
remains low at only 2.6 GW, which is around Kalimantan Sulawesi
9.6 GW
10% 0.2 GW 3.1 GW
o Low to mid-temperature geothermal resources Maluku-Papua
still present a significant opportunity for further 1.2 GW
exploitation
▪ Integrating with Green Super Grid PLN
Integrating geothermal to be accessible everywhere
in the country
▪ Present Off-Grid Opportunities
Multiple use of baseload renewable energy such as
Green Hydrogen, Green Ammonia
▪ Energy Security Nusa Tenggara
Java-Bali
A huge baseload available across various regions will 1.2 GW
reduce dependency on fossil fuels and enhance 8.2 GW
energy security
Source: Badan Geologi (2023)
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PGE, with its strong competitive advantage, strives to be
the “main engine” for powering national energy sovereignty
PGE’s Large Geothermal Resource Asset High quality, top-notch resource base, most
resources are high temperature identified with
fumaroles and chloride springs rank resources >60%
Large volume and ability to drive located in brownfield assets – less risk vs. greenfield
operations at scale, >3 GWe total assets and faster for development (e.g., 230 MW of
quick win Co-Generation).
geothermal reserves (proven,
probable, and possible) Leverage synergies across Pertamina, e.g. ~75%-
owned by Pertamina through SH Power & New
Renewable Energy, enabling geothermal to collaborate
~1100 MW ~ 2.1 GWe with across Pertamina existing ecosystem.
Proven Resource Upside Resource Strong financial capability with $2.96 bn. of total
(Existing, Development, For extensions & development assets (+19.76% vs. 2022), ~80% EBITDA margin with
& Quick Win Projects) across 17 prospects sufficient rooms for leverage - highly accessible to
external funding including to preferential or
concessional (soft) loans from multilaterals given
status as “national” engine for development.
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PGE’s - Quick Win Projects: on Execution Mode
Lumut Balai Unit 2 (55 MW)
1. 88,92% progress, mechanical completion
December 2024
2. Finished pouring concrete for steam-turbine
generator table top foundation.
3. Pipe installation of Cooling Tower
4. Warehouse cable tray installation
Hululais Unit 1 & 2 (110 MW) Co-Generation Project (45 MW)
1. Feasibility Study & Grid Study for Ulubelu Binary
1. PLN is committed to accelerating the
Unit (30 MW) & Lahendong (15 MW) geothermal
procurement and construction process.
power plants submitted to PLN
2. PLN aims to ensure that construction
2. PDS partner selection (PLN IP) & Consortium
can be completed within 25 months,
Agreement on September 13, 2024.
considering PGE’s experience.
3. Consortium Agreement signing on September
18, 2024.
PJBU Tender PLTP Procurement Commercial EPCC Steam Turbine Generator Mechanical Consortium Request for PPA Commercial
Amendment PLN Unit 1&2 Process Operation Date Starts Installation Installation Completion Agreement Proposal (PLN) Signing Operation Date
Jan 2020 - Jan 2021 Oct 2024 Nov 24 2027
Dec 2022 Oct 2024 Oct 2024 Dec 2024 Sept 2024 Oct 2024 Mar 2025 7
May 2027
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Extension & Green Field
Development Update
PGE’s Journey to ~1.7 GW has begun
Seulawah
Capacity: 55 MW
Lahendong 7&8
COD Plan: 2031
Lahendong 7&8
Kotamobagu Capacity: 2x20 MW
COD Plan: 2027
Capacity: 80 MW
COD Plan: 2029
▪ Assess reservoir for resource
simulation
▪ Feasibility Study Development
– est. Dec 2024
Bunbun
Capacity: 55 MW
COD Plan: 2030
Tanjung Tiga 1
Gunung Tiga
Capacity: 55 MW
COD Plan: 2031 Capacity: 55 MW
Kotamobagu
COD Plan: 2028
Way Ratai
Business scheme discussion
Capacity: 55 MW with project strategic partner
COD Plan: 2032
(Mubadala)
Seulawah Tanjung Tiga 1 Bunbun Gunung Tiga Way Ratai
▪ Obtaining production forest ▪ Preparation for Exploration ▪ Final Investment Decision
▪ Preparation for Exploration Geothermal License form
access for PT Aceh Nusa Indrapuri. Feasibility Study completed
Feasibility Study Government (Izin Panas Bumi)
▪ Commerciality study between
▪ Target Final Investment ▪ Acceleration process of IPPKH has been issued on September
PGE, PEMA, and PT Seram Putera
▪ Target Final Investment
Decision: Q4-2024 (Forest Area Borrow-Use Permit) 24th 2024
Mineral Decision: Q1-2025
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Expansion Across the Ecosystem - PGE is “Walking the Talks”
to Build Indonesia as the World’s Green Energy Giant
1GW in the next 2-3 years…. …1.5GW by 2030
As the “main engine” of geothermal
Bring New Technology Build Strong developments, PGE unlocks an ideal
Accelerate By-Product
to accelerate Domestic geothermal ecosystem, triggering its
to increase business
growth capacity Capabilities vision to be geothermal center of
economics
excellence.
Electrical Two-Phase Flow • Bring new technology to
New Energy Sources – Indonesia and promote
Submersible Pump Meter
Joint Study The world’s first technology Green Hydrogen application, e.g. ESP, binary
▪ Technical & Economic for measuring two-phase Pilot Test Ulubelu Hydrogen systems
Feasibility geothermal fluid in real- Plant to produce 100 kg/s H2
▪ Pilot Test Scenario time • Build domestic capabilities
through knowledge transfer from
the use of new technology
Heat Exchanger • Optimize cost through domestic
Binary Carbon Credit
Manufacturer manufacturing of key equipment
Technology Manufacturing of the binary
Lahendong Units 5 and 6, with
(e.g., heat exchangers, cooling
Joint Development for a volume of approximately
power plant part to increase
the Binary Unit the local content and cost
864 thousand tCO2e, towers) and domestic-led O&M
generated during the period of services
development of 45 optimization 2016 – 2020.
MW in Lahendong and
Ulubelu • Off-Grid and By Product such as
new energy sources Green
Hydrogen and the carbon credit
Geothermal extensive ecosystem / value chain is aiming to draw capital inflows to Indonesia issuance 9
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9M 2024
Key Performance
Highlights
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Key Operations Highlights
Striving for Excellence: PGE's Ambition to Surpass Last Year's Production Volume
Kamojang Lahendong Ulubelu Lumut Balai Karaha
1,311.86 GWh 654.68 GWh 1,195.54 GWh 361.81 GWh 73.23 GWh
Vs. 1,281.33 GWh (9M23) Vs. 663.97 GWh (09M23) Vs. 1,216.88 (9M23) Vs. 352.55 GWh (9M23) Vs. 71.21 GWh (9M23)
+2.38% YoY -1.39% YOY -2.0% YoY +2.6% YoY +2.8% YoY
• Power generation optimization • On Going Well testing TPS • Steam shortage (28 MW) • Higher electricity supply in • Steam addition supply from TLG
of Units 1,2,3 through Interim P2.1 • Well testing UBL-M3 South Sumatra Grid 3.4 (3-4 MW) since June 25, 2024
Agreement Steam Price • Work over LHD-47 • Minor inspection Unit 3 (started • Capacity Factor = 98.5% • Completion TLG-3.5 well testing
Discount • Capacity Factor = 81.9% vs. from Jul. 31 – Aug. 7, 2024) vs. 97.1% (9M23) (or facility
• Capacity Factor: 85.3% vs. 83.8% (9M23) (or -1.9% YoY) • Bidding process for cluster M +1.4% YoY) • Completion 1st re-URC to 13.69
83.6% (9M23) (or +1.7% YoY) production facility MW from 11.17 MW (Aug.12 ‘24)
• Capacity Factor = 85.8% vs. • Capacity Factor = 99.7% vs.
89.0% (9M23) (or -3.2% YoY) 85.0% (9M23) (or +14.7% YoY)
Own Operation Consolidated : High system reliability demonstrates robust performance throughout 9M24
Availability Factor 99.29% (+0.51% YoY) Capacity Factor 86.2% (-0.3% YoY) Outage Rate 0.41% (-0.16% YoY)
Vs. 98.78% (9M23) Vs. 86.5% (9M23) Vs. 0.25% (9M23)
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Production Performance (Own Operation)
PGE is aggressively raising the bar on production
Production Performance (GWh) Production Performance (GWh) – Per Working Area Installed Capacity
Electricity Steam
Electricity Steam
+0.31% +3.96% +8.18%
3,597 3,597
3,586
3,460 727
673
1,842 1,841 1,841
1,791
1,312
1,196
547
1,744 1,669 1,756 1,756 655 620
239 362
765 575
416 73
Realization Target Realization PGE Kamojang Lahendong Ulubelu Karaha Lumut Balai 2023 2024
9M 2023 9M 2024 9M 2024 (673 MW) (235 MW) (120 MW) (220 MW) (30 MW) (55 MW)
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Financial
Performances (1/4)
Selling Price HIGHLIGHT:
YoY
(USD cents/KWh)
Target Target vs
9M 2023 9M 2024 YoY %
9M 2024 Actual ▪ Average selling price for steam
inched higher YoY as there was
Steam 6.35 6.47 6.39 0.63 -1.24 yearly price escalation.
Electricity 9.88 9.81 9.83 -0.51 0.20
▪ Average selling price for electricity
Weighted Average 8.16 8.20 8.15 -0.12 -0.61 inched lower YoY as the US PPI and
US CPI declined on a YoY basis.
▪ Higher depreciation expense from
Production Costs/Unit
new asset capitalization and the
(USD cents/KWh)
implementation of the MESOP
Target Target vs
9M 2023
9M 2024
9M 2024 YoY %
Actual program, recorded under salaries
and allowances, increased the
Steam 2.56 3.02 2.62 2.34 -13.25 weighted average cost of steam and
Electricity 5.56 6.45 5.74 3.24 -11.01 electricity year-over-year.
Weighted Average 4.10 4.80 4.22 2.93 -12.08
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Financial Performances (2/4)
YoY
Profit & Loss HIGHLIGHT:
(USD Million) 9M 2023
Target
9M 2024 YoY %
Target vs
9M 2024 Actual
▪ Higher production Revenue,
Revenue 308.20 295.87 306.02 -0.71 3.43 increased due to solid production
from optimizing PLN load factor and
Own Operations Revenue 292.63 283.77 293.21 0.2 3.33 speeding up maintenance.
Production Allowance 15.57 12.10 12.81 -17.71 5.88 ▪ Lower total revenue, decreased
Carbon Credit 0.73 0 -100.00 because of production allowances
(price escalation carryover in JOC
Operating Expense 126.21 145.98 132.20 4.74 -9.44 Wayang Windu during 2H2022) and
Gross Profit 181.98 149.89 173.82 -4.48 15.97 carbon credit reclassification.
Gross Profit Margins (%) 59.05 50.66 56.80 ▪ Higher operating expenses,
increased due to the MESOP
Operating Profit 215.99 145.89 210.00 -2.77 43.94 program and higher depreciation.
Operating Profit Margins (%) 70.08 49.31 68.62
▪ Net Income increased, driven by
Net Profit 133.49 88.08 133.97 0.36 119.36 higher own operations revenue,
strong interest income from fund
Net Profit Margins (%) 43.31 29.77 43.78
optimization, and forex
EBITDA 281.13 230.70 267.37 -5.09 15.96 management.
EBITDA Margins (%) 91.22 77.97 87.37
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Financial Performances (3/4)
Changes
Financial Position
(USD Million) Target Target vs
HIGHLIGHT:
2023 9M 2024 Changes %
9M 2024 Actual
▪ Capex for development increased
Current Assets 863.28 505.90 845.61 -2.05 67.15 due to contributions from Lumut
Non-Current Assets 2100.86 2522.20 2102.88 0.10 -16.63 Balai units 1 & 2, Hululais,
Kotamabagu, Lahendong units 7 & 8,
Total Assets 2964.14 3028.10 2948.49 -0.53 - 2.63 and other new and ongoing
Current Liabilities 244,10 197.30 202.21 -17.16 2.49 exploration projects.
Non-Current Liabilities 748.78 809.80 762.45 1.82 -5.85 ▪ Higher non-business capital
expenditure due to maintenance at
Total Liabilities 992.88 1007.10 964.66 -2.84 -4.21 the Kamojang, Lahendong, Ulubelu,
Equity 1971.26 2021.00 1983.82 0.64 -1.84 Karaha, Sibayak, and Lumut Balai
sites.
Total Liabilities & Equity 2964.14 3028.10 2948.49 -0.53 - 2.63
▪ Inorganic capex remains unused as
no viable acquisition could be carried
Capital Expenditure out based on PGE's due diligence.
(USD Million) 9M 2023
Target
9M 2024 Changes %
Target vs
9M 2024 Actual ▪ Capex spending is behind the
budget due to pending engineering
Development Expenditure 24.00 173.60 47.85 99.38 -72.44 documents, awaiting materials for
Maintenance Expenditure 31.00 74.31 36.21 16.80 -51.28 TLG 3-4 piping, and delays in
procurement.
Inorganic Expenditure* 0.00 300.00 0.00 N/A N/A
▪ PGE are confident to absorb most of
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our 2024 allocated capex
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Financial Performances (4/4)
YoY HIGHLIGHT:
Financial Position
(USD Million) Target Target vs
9M 2023 9M 2024 YoY %
9M 2024 Actual
▪ Financing activities increased year-
over-year due to a dividend
Operating Activities 194.31 295.63 191.47 -1.46 35.23 payment.
Investing Activities -39.40 -459.20 -76.12 95.18 -83.42
▪ Investing activities rose year-over-
year due to capital expenditures in
Financing Activities 266.00 -118.74 -147.11 -155.30 23.89
development projects and non-
development capex.
Beginning Balance 262.30 662.39 677.72 158.38 2.31 ▪ Free cash flow decreased due to
higher investment activities year-
Ending Balance 683.00 410.95 657.65 -3.66 60.03 on-year.
Free Cashflow 154.91 -163.57 115.35 -25.54 170.52
16
Page 17
PGE Sustainability Performance in Numbers
Demonstrating Excellence in Sustainability: Committed to Greater Contributions for a Sustainable Future
Sustainalytics ESG Rating Carbon Credit Realization 2023-2024
#1 in Listed company in Indonesia
Revenue : USD 1,649,830.58
7,1 #1 from 679 in Global Utility Sector
#75 from 16,049 in all sectors
Total CERs : 2,308,513 TCO2eq*
*298,168 TCO2eq still available
Environmental Aspects Social Aspects
Emission Intensity Women in PGE Women in Corporate Social
Managerial Level
0.004 ton CO2eq/MWh 12%
Responsibility Investment
Same intensity YOY 14% 7.278 Billion Rupiah
Emission Avoidance Employee Safe Working Hours Community
Satisfaction Index Development
2,927,403 tonCO2eq 4.08 /5.00 4,141,577
-0.8% YoY As Sept 30th 2024 78 Partners
Eagles Conservation Governance Aspects
Java eagles
374 since 2014
GCG Assessment Anti-Bribery Management IT Cyber Security System
Score System & Device Availability
Yaki Conservation
93.15 ISO370001:2006 100%
21 monkey
since 2020 Very Good* Management system in all
17
operational area
Page 18
Thank You
Investor Relations
Pertamina Geothermal Energy
Grha Pertamina, 7th Floor Pertamax Tower
Jl. Medan Merdeka Timur, Jakarta, Indonesia
https://www.pge.pertamina.com
pge.ir@pertamina.com
18
Names mentioned 20 people and organisations named in the text · linked when the evidence is strong
unresolved
org
New Zealand Banking Group Limited
p.2
unresolved
org
Citigroup Global Markets Asia Limited
p.2
unresolved
org
Shanghai Banking Corporation Limited
p.2
unresolved
org
MUFG Securities Asia Limited
p.2
unresolved
org
Mandiri Securities Pte. Ltd
p.2
unresolved
org
PT Medco Cahaya
p.3
unresolved
org
PT Sarulla Operating Ltd
p.3
unresolved
org
IR Energy Corporation
p.3
unresolved
org
Geologi
p.5
unresolved
org
PT Aceh Nusa Indrapuri.
p.8
unresolved
org
PT Seram Putera
p.8
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