PGE?s 2011 profit up to Rp 808 billion
Monday, May 21 2012 - 05:11 AM WIB
PT. Pertamina Geothermal Energy (PGE), a subsidiary of state oil and gas company PT. Pertamina, saw its profit jumped by about 31 percent from Rp 615 billion in 2010 to Rp 808 billion last year.
The company?s President Director Slamet Riadhy told Petromindo.com in Jakarta on Monday that the profit was mostly contributed from the income derived by PGE?s Kamojang project. ?This year we hope we can also raise our profit. For that purpose, we?ll renegotiate our prices with PLN,? he said.
He noted that his company expected that the price for Kamojang, currently at Rp 1,400 per KWH, could be raised starting early next year.
It was reported recently that state electricity firm PT PLN through its unit PT Indonesia Power and PT Pertamina Geothermal Energi (PGE) would soon conduct negotiations over steam price for Kamojang geothermal power plant as current price contract would expire next year.
Hananto Yogo, General Manager of PT Indonesia Power Kamojang said negotiations were expected to be concluded this year.
PGE sells steam generated from Kamojang geothermal steam plant to Kamojang power plant, which is operated by Indonesia Power and has a total capacity of 135 MW .
Editing by Benget Besalicto Tnb.