PT Geo Dipa Energi (Persero) Achieves Record-Breaking Production and Profit in 2023
Jakarta, Indonesia – PT Geo Dipa Energi (Persero) / PT GDE recorded remarkable achievements in 2023, reaching a production output of 825 GWh, contributing to the company’s revenue of Rp1.049 billion and net profit of Rp219 billion. These figures mark an all-time high for PT GDE since its establishment in 2002, as announced by the company’s Board of Directors during the Annual General Meeting of Shareholders (AGMS) for Fiscal Year 2023, held on Wednesday (22/5).
“This achievement was not an easy feat as 2023 presented several challenges,” emphasized Yudistian Yunis, President Director of PT GDE. Yudistian further explained that in the early half of 2023, PT GDE was projected to experience a production decline throughout the year, leading to a significant downward revision of the production target by the end of the year. Consequently, revenue and net profit were initially projected to decrease compared to the previous year.
In response to these challenges, PT GDE promptly implemented recovery actions. Strategic initiatives undertaken included the utilization of Enterprise Asset Management (EAM) and GEOREC Asset Performance Management (APM), as well as the implementation of Business Intelligence (Power Bi). GEOREC is an Artificial Intelligence (AI)-based system used to monitor asset performance. By employing GEOREC, PT GDE’s management gained sufficient data and information regarding power plant maneuvers, enabling them to anticipate performance declines early on.
PT GDE’s production maneuver efforts bore fruitful results. EAM and GEOREC APM succeeded in extending the operational hours of Patuha-1. Overall, production costs were reduced to Rp340/KWh, exceeding the target cost of Rp379/KWh by 110%. As a result, PT GDE managed to achieve 98% of its production target, reaching 825 GWh, and generating revenue of Rp1.049 billion. PT GDE’s revenue was derived from the Dieng Geothermal Power Plant (PLTP) amounting to Rp408 billion and the Patuha PLTP amounting to Rp641 billion.
Tio Serepina Siahaan, Commissioner of PT GDE, expressed appreciation for the hard work of PT GDE’s management, which led to the company’s outstanding performance in 2023 compared to previous years. “We recognize the Board of Directors’ commitment to innovating and utilizing technology to mitigate risks, as mentioned by the Director of Operations regarding ‘forced outages’, enabling them to identify the root causes of these outages more quickly,” stated Tio.
Furthermore, Tio also commended the Board of Directors’ efforts in addressing the Patuha tender, which had been hindered by regulations regarding the fulfillment of Domestic Component Level (TKDN) requirements. Tio emphasized that the Board of Commissioners continues to encourage management to continuously improve corporate risk management practices to ensure stricter and more comprehensive implementation.
PT GDE is a State-Owned Enterprise (BUMN) with a shareholding structure of 94.5% owned by the Republic of Indonesia and 5.5% owned by PT PLN (Persero). Therefore, on this occasion, representatives of PT PLN (Persero) were also present, including I Nyoman Ngurah Widiyatnya. Nyoman expressed appreciation for PT GDE’s performance in 2023, calling it an extraordinary achievement. He also conveyed PT PLN’s hope that PT GDE can continue to achieve even better performance in 2024 while maintaining the performance of Patuha PLTP and improving the performance of Dieng PLTP. Some of the key aspects that can enhance PT GDE’s performance in 2024 include ensuring steam availability through both new well development and maintaining existing wells, and implementing digital-based asset management to improve power plant utilization.
Concluding the PT GDE AGMS for Fiscal Year 2023, Director General of State Assets Rionald Silaban, representing the Republic of Indonesia, expressed appreciation for the company’s achievement in terms of performance and good corporate governance. Rionald further provided several directives. “Regarding the implementation of GEOREC and Asset Performance Management, it should be utilized to achieve operational excellence within the company,” stated Rionald.
Other directives conveyed by Rionald included instructing PT GDE to mitigate the potential increase in project costs and interest expenses due to the delayed COD of the Dieng 2 and Patuha 2 PLTP development projects, to implement production and operational cost efficiencies to maintain profit margins, and to conduct evaluations related to business development and exploration progress, as well as exploring opportunities for the utilization of by-product mineral extractions, namely Green Lithium and Colloidal Silica.
