PLN Posts Record High Profit of Rp14 Trillion in 2022

State Electricity Company (PLN) recorded a net profit of Rp14.4 trillion in 2022, a 9.4% increase year-on-year (yoy) compared to 2021.

Based on data in the PLN 2022 Statistics report, this profit increase is in line with the rise in the number of customers and electricity sales capacity.

At the end of 2022, the number of PLN customers had increased by 3.75% (yoy) to 85.6 million customers, while electricity sales increased by 6.3% (yoy) to 273.8 terawatt-hours (TWh).

PLN's operating expenses in 2022 actually swelled by 19.5% (yoy) to Rp386.19 trillion, mainly due to increased fuel and lubricant costs, and electricity purchase costs.

However, their operating revenue increased significantly, far exceeding their expenses.

In 2022, PLN recorded operating revenue of Rp441.13 trillion, a 19.8% increase (yoy) compared to the previous year. This revenue increase was supported by increased electricity sales, connection fees, government subsidies, compensation income, and others.

The increase in PLN's revenue was also influenced by higher electricity tariffs compared to 2021.

"The average selling price of electricity per kWh during 2022 was Rp1,136/kWh, higher than the previous year's Rp1,121/kWh," PLN stated in its report.

According to PLN President Director Darmawan Prasodjo, the 2022 net profit is the largest in the company's history.

Darmawan claims this achievement was made possible through restructuring across all of PLN's business processes, including changing the organizational culture from bureaucratic to business-like.

"We will continue the transformation to improve customer service," said Darmawan in a press release on PLN's official website, Wednesday (7/6/2023).

Darmawan stated that PLN will continue to strive to expand electricity access to the most remote, outermost, and underdeveloped areas (3T), and carry out the mandate of energy transition to reduce global warming.

"With the challenges of energy transition, we have mapped it out, prepared the strategy, and transformed it into an opportunity to ensure that Indonesia is not only a market for New and Renewable Energy (NRE) products from abroad, but also becomes part of the producers that will bring added value to Indonesia," he said.