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Benefiting from the coming onstream of new power plants,
state electricity utility PT Perusahaan Listrik Negara (PLN) has
managed to considerably cut its losses to Rp 1.08 trillion (US$120
million) in 2006 from a whooping Rp 4.92 trillion in 2005.
While the figures have yet to audited, PLN chief commissioner Alhilal
Hamdi said the commencement of operations of the utility's new
740-megawatt (MW) gas-fired power plant in Cilegon, Banten, 1,320-MW
coal-fired power plant in Tanjung Jati, Central Java, and 600-MW
coal-fired power plant in Cilacap, Central Java, had helped the company
to significantly reduce its losses, which had doubled in 2005 from Rp
2.02 trillion in 2004.
Alhilal was speaking Thursday on the sidelines of a PLN shareholders
meeting held to discuss the firm's interim report.
"We could have achieved more had a problem in gas supplies to the
Cilegon power plant in November not occurred," Alhilal said.
The losses suffered by PLN were mainly to blame on high global crude
oil prices during the year, which reached a peak of $74 a barrel in
August, Alhilal explained.
The company used oil-based fuels for 24 percent of its total power
plants in 2006.
PLN's interim report also showed that the company's earnings before
interest, tax and depreciation (ebitda) increased to $1.24 billion in
2006, as compared to $1.02 billion in 2005.
During the meeting, according to Alhilal, a plan to privatize
Indonesian Power (IP), a PLN subsidiary, this year was also discussed.
The State Ministry for State Enterprises had already said it was
considering selling a stake in IP, one of three state firms operating
in the energy sector, later this year.
However, Roes Ariwijaya, deputy for strategic industries, mining and
telecommunications at the ministry, who was also present at the
meeting, refused to reveal the names of the other two companies, saying
that the ministry was still discussing the matter.
PLN had earlier said it would continue focusing on the construction of
new power plants with a combined capacity of 6,900 MW as part of the
government's crash program to build new non oil-fired power plants with
a total capacity of 10,000 MW by 2009.
The government's program is expected to help the company save up to Rp
45 trillion in annual fuel costs, while also serving to meet rising
domestic electricity demand.
For this year, the company is setting aside Rp 10 trillion to develop
and enhance the existing Java-Bali power grid. Rp 2 trillion of this
will come from the national budget and Rp 5 trillion from PLN, while
the remainder is expected to come from loans.
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