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March 12, 2008 |
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PERUSAHAAN LISTRIK: New Company Director Aims for Subsidy Cuts Newly appointed PT Perusahaan Listrik Negara President Director Fahmi Mochtar said that reducing dependency on oil will be the first priority for the company, The Jakarta Post reports. According to the report, Mr. Mochtar announced an ambitious plan for shaving some IDR10 trillion from the amount the government shells out in electricity subsidies, this year IDR42.6 trillion. Mr. Mochtar told the news agency that to achieve the goal, the company would have to see through behind-schedule construction of coal-powered generators expected to bring 10,000 more megawatts to the grid. In addition, the report notes, for other generators, a push for switching from oil to gas would have to go forward. The Post relates that Mr. Mochtar said speeding up gas supply to generators could see oil consumption used in power generation drop to 9 million kiloliters from the current 10 million figure. Mr. Mochtar also said the company would continue its energy conservation education programs for the public, The Post notes. Moreover, a reshuffle within the firm, including several new deputy director posts, would be completed this month, the report adds. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/ -- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. The Troubled Company Reporter-Asia Pacific reported on June 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. |
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