PGE's revenue up 10.7% on higher electricity output
Tuesday, February 12 2019 - 12:30 AM WIB
By Bernard Loebs
State-owned geothermal power producer PT Pertamina Geothermal Energy (PGE) said that revenue from own operations last year increased by 10.7 percent to US$398.85 million from $279.11 million in the previous year thanks to higher electricity output.
PGE President Director Ali Mundakir told Petromindo.com that net profit last year increased by 12.2 percent to $107.37 million from $95.72 million.
He said that electricity production last year increased by 7.2 percent to 4,182 GWh from the previous year following the operation of the 1x30 MW PLTP Karaha Unit I geothermal power plant in April, which also expanded the company's total installed geothermal power plant capacity to 617 MW last year from 587 MW.
Elsewhere, Ali said that the company last year drilled 18 geothermal wells, in line with the target, comprising of one exploration well at Hululais Extension-Bukit Daun, and 17 development wells in Kamojang geothermal area, Ulubelu area, Lumut Balai, and Hululais projects.
Editing by Reiner Simanjuntak