PT Perusahaan Listrik Negara (PLN) posted a net profit of Rp10.84 trillion(US$774.28 million) in the third quarter (3Q) of 2019 - Photo by the Company

JAKARTA (TheInsiderStories) – Indonesian government injected fresh capital Rp6.5 trillion (US$464.2 million) to state-owned power producers, PT Perusahaan Listrik Negara (PLN), said the government statement yesterday (08/01). While, State Own Enterprises ministry appointed Sri Inten Cahyani to lead the company replaced Djoko Raharjo Abumanan.

It said, President Joko Widodo has signed Government Regulation Number 51 Year 2019 on July 19. The addition capital comes from the 2019 Indonesian State Budget.

In the third quarter (3Q) of this year, PLN recorded a fantastic loss Rp18.4 trillion due to the exchange rate loss which reached Rp17.3 trillion. In the 3Q of last year, the company was still able to printed a net profit of Rp3.05 trillion.

Actually, the electricity producer’ revenue is still growing positively, rose 6.97 percent to Rp200.9 trillion from prior year Rp187.8 trillion. But the foreign exchange loss and higher operating expenses making the company recorded huge losses.

PLN’ Finance Director Sarwono Sudarto did not provide a clear reason why the company’ exchange rate loss could be that large. He only promised to maintain the financial condition of the company and try to maintain the growth of electricity consumption.

In the same period, the state-owned firm recorded operating costs Rp224 trillion from same period in 2018 was only Rp200 trillion. The rise operating expenses were due to the increase of fuel and lubricant costs which were originally Rp85 trillion in the 3Q of last year to Rp101.8 trillion this year.

According to, PLN’ Director for Corporate Planning, Syofvie Rukman the electricity consumption growth in 3Q only grew above six percent, far from the target set in the 2017-2018 plan grow 8.3 percent. She did not specify why consumption growth could not reach the target.

This consumption growth, said her, will be very closely related to the shift in the Commissioning Operating Development schedule of the 35 GW power plant project. She said, if the consumption did not grow well then this would certainly affect PLN’ ability to develop a power plant project.

US$1: Rp14,000

Written by Willy Matrona Email: theinsiderstories@gmail.com