Unfold the Adventure, Discover the Journey, and Strive for ...pertaminapower.com/cfind/source/files/annual-report/annual report ppi 2018.pdfuntuk terus melangkah maju dan mendukung

LAPORAN TAHUNAN

A N N U A L R E P O R T 2018

Unfold the Adventure, Discover the Journey, and Strive for Excellence

PT Pertamina Power Indonesia atau selanjutnya disebut “Perseroan” merupakan salah satu Entitas Anak PT Pertamina (Persero) yang berfokus pada bidang usaha power energy dan new & renewable energy. Seiring dengan positifnya roda perekonomian nasional di sepanjang tahun 2018, Perseroan turut berhasil membukukan kinerja yang memuaskan baik dari sisi keuangan maupun operasional yang mana tercermin dari kemampuan Perseroan dalam merampungkan sejumlah proyek seperti pembangunan PLTS di Badak Kalimantan Timur dengan Kapasitas 4 MW. Ditopang oleh sinergi kuat yang terjalin di Pertamina Group, serta bermodalkan kompetensi, pengalaman, dan sumber daya yang dimiliki, Perseroan optimis dapat terus berkompetisi dan bergerak gesit dalam menangkap setiap peluang bisnis yang ada agar senantiasa mampu memberikan kontribusi yang maksimal kepada para Pemangku Kepentingan. Ke depan, Perseroan berkomitmen untuk terus melangkah maju dan mendukung program Pemerintah khususnya dalam hal pemanfaatan energi bersih yang ramah lingkungan di seluruh pelosok Indonesia.

PT Pertamina Power Indonesia or hereinafter referred to as the "the Company" is one of PT Pertamina (Persero) Subsidiaries that engages in the business field of power energy and new & renewable energy. Along with the positive condition of the national economy throughout 2018, the Company also managed to record a satisfactory performance both financially and operationally, which was reflected in the Company's ability to finish a number of projects such as the construction of PLTS in Badak, East Kalimantan with a capacity of 4 MW. Supported by strong synergies that have been established in Pertamina Group, as well as by the existence of competencies, experience, and resources owned, the Company is optimistic to continue to compete and to move agile by grabbing every business opportunity so as enable to deliver a maximum contribution to the Stakeholders. In the future, the Company is committed to move forward and to support the Government's programs, specifically in terms of the utilization of clean energy that environmentally friendly across Indonesia.


PERTAMINA POWER INDONESIA

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LAPORAN TAHUNANA N N U A L R E P O R T 2018

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PrawacanaPrefaceDaftar IsiContents

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Ikhtisar Kinerja UtamaSummary of Key PerformanceKebijakan Kesehatan, Keselamatan Kerja, Keamanan dan Perlindungan Lingkungan (K3L)The Policy of Occupational Health, Safety, and Environmental Protection (OHSE)

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Ikhtisar Kinerja Keuangan Tahun 2018Financial Highlights in 2018

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Ikhtisar Proyek Tahun 2018Project Highlights in 2018

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Ikhtisar Informasi SahamShare Information Highlights

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Peristiwa Penting Tahun 2018Significant Events in 2018

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Laporan ManajemenManagement ReportLaporan Dewan KomisarisReport of the Board of Commissioners

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Laporan DireksiReport of the Board of Directors

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Surat Pernyataan Anggota Direksi dan Dewan Komisaris Tentang Tanggung Jawab atas Laporan Tahunan 2018 PT Pertamina Power IndonesiaStatement of Member of Board of Directors and Board of Commissioners on the Responsibility for the 2018 Annual Report of PT Pertamina Power Indonesia

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Profil PerusahaanCompany ProfileInformasi PerusahaanCorporate Information

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Sejarah Singkat PerusahaanThe Company's Brief History

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Jejak LangkahMilestones

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Logo PerusahaanThe Company's Logo

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Visi dan MisiVision and Mission

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Budaya Kerja PerusahaanCorporate Work Cultures

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Bidang UsahaLine of Businesses

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Struktur OrganisasiOrganizational Structure

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Profil Dewan KomisarisBoard of Commissioners’ Profile

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Profil DireksiBoard of Directors’ Profile

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Profil KaryawanEmployees’ Profile

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Komposisi Pemegang SahamShareholders’ Composition

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Kronologis Pencatatan SahamChronology of Stock Listing

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Informasi Mengenai Pemegang Saham UtamaInformation on Majority Shareholder

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Informasi Entitas AsosiasiInformation on Associated Entities

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Tentang Entitas AsosiasiAbout the Associates Entities

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Lembaga Profesi dan Penunjang PerusahaanSupporting Institutions and Professionals to the Company

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Analisis dan Pembahasan ManajemenManagement Discussion and AnalysisTinjauan MakroekonomiMacroeconomic Review

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Tinjauan OperasionalOperational Review

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Tinjauan Kinerja KeuanganFinancial Performance Review

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Kemampuan Membayar UtangAbility to Pay Debt

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Tingkat Kolektibilitas PiutangCollectability of Accounts Receivable

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Struktur PermodalanCapital Structure

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Ikatan Material untuk Investasi Barang ModalMaterial Commitments for Capital Goods Investments

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Informasi dan Fakta Material yang Terjadi Setelah Tanggal Laporan AkuntanMaterial Information Subsequent to the Accountant's Report

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Perbandingan antara Target dan Realisasi di Tahun 2018Comparison between Target and Realization in 2018

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Pangsa PasarMarket Share

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Infomasi Material Mengenai Investasi, Ekspansi, Divestasi, Penggabungan/Peleburan Usaha, Akuisisi, RestrukturisasiUtang/ModalMaterial Information About Investment, Expansion, Divestment, Merger, Acquisition or Debt/Capital Restructuring

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Perubahan Kebijakan Akuntansi Tahun 2018 Changes to Accounting Policies in 2018

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Tata Kelola PerusahaanGood Corporate Governance Latar BelakangIntroduction

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Struktur GCGGCG Structure

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Rapat Umum Pemegang Saham (RUPS)General Meeting of Shareholders (GMS)

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Dewan KomisarisThe Board of Commissioners

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DireksiThe Board of Directors

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Penilaian Terhadap Kinerja Anggota Direksi dan Anggota Dewan KomisarisPerformance Assessment of Members of the Board of Directors and the Board of Commissioners

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Sekretaris Perusahaan Corporate Secretary

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Unit Audit InternalInternal Audit Unit

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Kantor Akuntan PublikPublic Accounting Firm

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Sistem Pengendalian InternalInternal Control System

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Perkara Hukum di Tahun 2018Litigation Cases in 2018

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Manajemen RisikoRisk Management

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Sanksi AdministratifAdministrative Sanctions

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Kode EtikCode of Ethics

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Tanggung Jawab Sosial Perusahaan Corporate Social Responsibility

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Tanggung Jawab Sosial terhadap Kualitas, Kesehatan, Keselamatan, Keamanan, Lingkungan (QHSSE) Tahun 2018Social Responsibility for Quality, Health, Safety, Security, Environment (QHSSE) in 2018

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Laporan Keuangan Financial Statements

Daftar IsiContents

Ikhtisar Kinerja UtamaSummary of Key Performance


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Ikhtisar Kinerja UtamaSummary of Key Performance

PERTAMINA POWER INDONESIALAPORAN TAHUNANA N N U A L R E P O R T 2018

Kebijakan Kesehatan, Keselamatan Kerja, Keamanan dan Perlindungan Lingkungan (K3L)The Policy of Occupational Health, Safety, and Environmental Protection (OHSE)

Sebagai perusahaan yang menjalankan kegiatan usaha di bidang energi, Perseroan menyadari bahwa kegiatan operasionalnya sehari-hari berpotensi menimbulkan dampak negatif terhadap lingkungan serta berisiko tinggi bagi pekerja. Oleh sebab itu, Perseroan senantiasa menjaga komitmennya untuk selalu menjadikan Kesehatan, Keselamatan Kerja, Keamanan dan Perlindungan Lingkungan (K3L) sebagai bagian dari budaya kerja. Perseroan secara konsisten berupaya untuk meminimalisir dampak negatif yang timbul dari aktivitas operasi terhadap lingkungan sekitar serta senantiasa memanfaatkan sumber daya alam secara bertanggung jawab. Sementara dalam hal menjaga keselamatan pekerja, Perseroan telah memiliki kebijakan internal yang senantiasa dijadikan sebagai pedoman dalam mempekerjakan seseorang, yakni Perseroan tidak akan mempekerjakan seseorang yang tidak berkompetensi di bidangnya, dalam kondisi kelelahan/sakit, dan di bawah perawatan medis. Ke depan, Perseroan berkomitmen akan terus berupaya melakukan berbagai hal yang bertujuan untuk menciptakan nilai positif sehingga terjalin hubungan yang harmonis dengan para Pemangku Kepentingan guna menjamin keberlangsungan bisnis Perseroan di masa depan.

As a company that runs its business activities in the field of energy, the Company realizes that its daily operations activities potentially cause negative impacts on the environment as well as high-risk for workers. Hence, the Company always keeping its commitment to prioritize the aspects of Occupational Health, Safety, and Environmental Protection (OHSE) as a part of the work culture. the Company also consistently strives to reduce every negative impact arising from operating activities on the surrounding environment as well as to utilize natural resources responsibly. Meanwhile, in order to maintain the safety of workers, the Company already has an internal policy that used as a guideline in hiring someone, that the Company would not hire someone who not competent in his field, or is in tired/unwell condition, and under medical treatment. Going forward, the Company is committed to continuously striving in doing various things that aim to create positive values so there's always a harmonious relationship with Stakeholders to ensure the sustainability of the Company's business in the future.

Perseroan senantiasa menjaga komitmennya untuk selalu menjadikan Keselamatan, Kesehatan Kerja dan Perlindungan Lingkungan (K3L) sebagai bagian dari budaya kerja.

Company always keeping its commitment to prioritize the aspects of Occupational Health, Safety, and Environmental Protection (OHSE) as a part of the work culture.

Ikhtisar Kinerja UtamaSummary of Key PerformanceLaporan ManajemenManagement ReportProfil PerusahaanCompany Profile


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Ikhtisar Proyek Tahun 2018Project Highlights in 2018

Proyek Beroperasi

PLTS Badak 1 MWSalah satu proyek Perseroan yang bertujuan untuk menyuplai kebutuhan tambahan listrik sebesar 1 MW di daerah PT Badak NGL. Selain itu, proyek ini juga berperan dalam mendukung program pengembangan kapasitas Pembangkit Listrik Tenaga Surya (PLTS) di lingkungan Pertamina yang tersebar di seluruh Indonesia. Spesifikasi umum proyek, antara lain:

Type of plant : Ground Mounted Solar PVKapasitas : 1 MWpSkema Bisnis : SewaJangka waktu proyek : 25 tahunCOD : 13 September 2018

Proyek On-Going

1. Proyek IPP Jawa-1 Merupakan proyek Perseroan yang bertujuan untuk menyuplai

kebutuhan listrik sebesar 1.760 MW di sistem pembangkitan Jawa-Bali. Merupakan proyek pembangkit terintegrasi kedua di dunia, pertama di Asia, yang menggabungkan FSRU dengan Power Plant, dan sekaligus PLTGU (CCGT: Combined-Cycle Gas Turbine) terbesar se-Asia Tenggara, dengan nilai investasi sebesar USD1,7 miliar. Spesifikasi umum proyek, antara lain:

Kapasitas IPP : 1.760 MWKapasitas FSRU : 170.000 m3

Panjang Saluran Udara Tegangan Extra Tinggi

: 50 km

Skema Bisnis : BOOT (Build, Own, Operate, Transfer)

Jangka waktu proyek : 25 tahunCOD : September 2021

Operating Projects

PLTS Badak 1 MWOne of Company’s project aiming to supply the additional electricity needs of 1 MW at PT Badak NGL area. In addition, this project also has a role in supporting capacity building programs of the Solar Power Plant (PLTS) in Pertamina's environment that scattered throughout Indonesia. The general project specifications are:

Type of plant : Ground Mounted Solar PVCapacity : 1 MWpScheme : RentProject duration : 25 yearsCOD : 13 September 2018

On-Going Project

1. IPP Java-1 Project A Company’s project aiming to supply 1,760 MW of

electricity to Java-Bali power plant system. It is the second integrated power plant project in the world, the first project in Asia, which combines FSRU with Power Plant, and also the largest CPP (CCGT: Combined-Cycle Gas Turbine) in Southeast Asia, with the total value of an investment of USD1.7 billion. The general project specifications are:

IPP Capacity : 1,760 MWFSRU Capacity : 170,000 m3

Extra High Voltage Air Channel Length

: 50 km

Scheme : BOOT (Build, Own, Operate, Transfer)

Project duration : 25 yearsCOD : September 2021

Ke depannya, sejumlah proyek yang dijalankan Perseroan dinilai masih cukup prospektif.

In the future, some projects that are running by the Company will still remain prospective.


Analisis dan Pembahasan ManajemenManagement Discussion and Analysis

Tata Kelola PerusahaanGood Corporate Governance


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2. PLTS Badak 3 MW Salah satu proyek Perseroan yang bertujuan untuk

menyuplai kebutuhan tambahan listrik sebesar 3 MW di daerah PT Badak NGL. Selain itu, proyek ini juga berperan dalam mendukung program pengembangan kapasitas Pembangkit Listrik Tenaga Surya (PLTS) di lingkungan Pertamina yang tersebar di seluruh Indonesia. Spesifikasi umum proyek, antara lain:

Type of plant : Ground Mounted Solar PVKapasitas : 3 MWpSkema Bisnis : SewaJangka waktu proyek : 25 tahunCOD : 2019

3. PLTBg Sei Mangkei 1,6 MW Salah satu proyek Perseroan yang bertujuan untuk

memaksimalkan penyediaan energi di kawasan penghasil Energi Baru Terbarukan (EBT) sejalan dengan upaya mendukung program pemerintah dalam pengembangan EBT sekaligus mengembangkan Kawasan Ekonomi Khusus. Spesifikasi umum proyek, antara lain:

Type of plant : BiogasKapasitas : 1,6 MWSkema Bisnis : BOOT (Build, Own, Operate, Transfer)

Jangka waktu pembangunan : 12 bulanCOD : Desember 2019

2. PLTS Badak 3 MW One of Company’s project that focuses on supplying an

additional 3 MW of electricity to PT Badak NGL area. In addition, this project also has a role in supporting capacity building programs of the Solar Power Plant (PLTS) in Pertamina's environment that scattered throughout Indonesia. The general project specifications are:

Type of plant : Ground Mounted Solar PVCapacity : 3 MWpScheme : RentProject duration : 25 yearsCOD : 2019

3. PLTBg Sei Mangkei 1.6 MW One of Company’s project aiming to maximize the supply

of energy in the Renewable Energy (EBT) producing region that has aligned with the efforts to support government programs in developing EBT while developing Special Economic Zones. The general project specifications are:

Type of plant : BiogasCapacity : 1.6 MWScheme : BOOT (Build, Own, Operate, Transfer)

Construction period : 12 monthsCOD : December 2019

PLTS Badak Total Capacity 4 MWp



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Proyek Masih Dalam Tahap Pengembangan

1. IPP Bangladesh Salah satu proyek Perseroan yang bertujuan untuk memasok

kebutuhan listrik di Bangladesh. Spesifikasi umum proyek, antara lain:

Type of plant : Combine Cycle Gas Turbine (CCGT) & FSRU

Kapasitas : CCGT 1200 MWpSkema Bisnis : BOO (Build, Own, Operate)

Jangka waktu pembangunan : 42 bulanCOD : Maret 2024

2. IPP Bali Salah satu proyek Perseroan yang bertujuan untuk memasok

kebutuhan kelistrikan di Bali. Spesifikasi umum proyek, antara lain:

Type of plant : CCGT & FSRUKapasitas : 1200 MWJangka waktu proyek : 36 bulan COD : Juni 2024

3. IPP Wellhead Jambi Salah satu proyek Perseroan yang bertujuan untuk memasok

kebutuhan kelistrikan di Jambi. Spesifikasi umum proyek, antara lain:

Type of plant : CCGTKapasitas : 275 MWSkema Bisnis : Jual beli listrikJangka waktu proyek : 27 bulan COD : Maret 2023

4. O&M PLTBg Kwala Sawit dan Pagar Merbau Salah satu proyek Perseroan yang bertujuan untuk

mengoperasikan dan merawat fasilitas Pembangkit Listrik Tenaga Biogas (PLTBg) milik PTPN II. Spesifikasi umum proyek, antara lain:

Type of plant : O&M PLTBgKapasitas : 1,8 MWpSkema Bisnis : O&MJangka waktu proyek : Per 5 tahun COD : Juni 2019

Development Phase Project

1. IPP Bangladesh One of Company’s project aiming to supply electricity

in Bangladesh. The general project specifications are:

Type of plant : Combine Cycle Gas Turbine (CCGT) & FSRU

Capacity : CCGT 1200 MWpScheme : BOO (Build, Own, Operate)

Construction duration : 42 monthsCOD : March 2024

2. IPP Bali One of Company’s project aiming to supply electricity

in Bali. The general project specifications are:

Type of plant : CCGT & FSRUCapacity : 1200 MWProject duration : 36 months COD : June 2024

3. IPP Wellhead Jambi One of Company’s project aiming to supply electricity

in Jambi. The general project specifications are:

Type of plant : CCGTCapacity : 275 MWScheme : Electricity tradingProject duration : 27 months COD : March 2023

4. O&M PLTBg Kwala Sawit dan Pagar Merbau One of Company’s project aiming to operate and to maintain

Biogas Power Plant facilities owned by PTPN II. The general project specifications are:

Type of plant : O&M PLTBgCapacity : 1.8 MWpScheme : O&MProject duration : Every 5 years COD : June 2019





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5. Commercial Pilot EV - Bali Salah satu proyek Perseroan yang bertujuan untuk

mendorong teknologi listrik sebagai bahan bakar kendaraan roda dua yang ramah lingkungan di Bali. Spesifikasi umum proyek, antara lain:

Type of plant : Battery & Charging StationKapasitas : 500 unit EV - 2 W,

2.000 pcs Battery @1,3 kWhCOD : 2020/2021

6. PLTS RU IV Cilacap Salah satu proyek Perseroan yang bertujuan untuk memasok

kelistrikan bagi wilayah residensial Unit Pengolahan IV Pertamina di Cilacap. Spesifikasi umum proyek, antara lain:

Type of plant : Rooftop Solar PVKapasitas : 2,4 MWpSkema Bisnis : Jual Beli listrikJangka waktu pembangunan : 6 bulanCOD : Desember 2019

7. PLTS BTP RU II Dumai Salah satu proyek Perseroan yang bertujuan untuk memasok

kelistrikan bagi wilayah residensial Unit Pengolahan II Pertamina di Dumai. Spesifikasi umum proyek, antara lain:

Type of plant : Rooftop Solar PVKapasitas : 4 MWpSkema Bisnis : Jual Beli listrikJangka waktu proyek : 8 bulanCOD : Februari 2020

8. Wind Turbine Salah satu proyek Perseroan yang bertujuan untuk

mengembangkan energi baru terbarukan dalam bentuk energi angin sebagai bahan baku penggerak pembangkit listrik. Spesifikasi umum proyek, antara lain:

Type of plant : Wind Turbine Kapasitas : 205 MW (Total semua lokasi)COD : November 2022

5. Commercial Pilot EV - Bali One of Company’s project aiming to encourage electrical

technology as an environmentally friendly two-wheeled fuel in Bali. The general project specifications are:

Type of plant : Battery & Charging StationCapacity : 500 unit EV - 2 W,

2,000 pcs Battery @1.3 kWhCOD : 2020/2021

6. PLTS RU IV Cilacap One of Company’s project aiming to supply electricity

for the residential area of Pertamina IV Processing Unit in Cilacap. The general project specifications are:

Type of plant : Rooftop Solar PVCapacity : 2.4 MWpScheme : Electricity tradingConstruction duration : 6 monthsCOD : December 2019

7. PLTS BTP RU II Dumai One of Company’s project aiming to supply electricity

the residential area of Pertamina II Processing Unit in Dumai. The general project specifications are:

Type of plant : Rooftop Solar PVCapacity : 4 MWpScheme : Electricity tradingProject duration : 8 monthsCOD : February 2020

8. Wind Turbine It is the Company’s project aiming to develop new renewable

energy in the form of wind energy as a raw material in driving electric power plants. The general project specifications are:

Type of plant : Wind Turbine Capacity : 205 MW (Total all locations)COD : November 2022



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9. PLTBg PTPN XIII Pontianak Salah satu proyek Perseroan yang bertujuan untuk memasok

kebutuhan listrik di wilayah sekitar PTPN XIII Pontianak dengan menggunakan Pembangkit Listrik Tenaga Biogas. Spesifikasi umum proyek, antara lain:

Type of plant : EPC PLTBgKapasitas : 4 MWpSkema Bisnis : Jual Beli listrikJangka waktu proyek : 12 bulanCOD : Desember 2020

10. Gas Engine Generator RU VII Kasim Salah satu proyek Perseroan yang bertujuan untuk memasok kebutuhan listrik guna memenuhi kebutuhan residensial area Unit Pengolahan VII di Kasim Papua. Spesifikasi umum proyek, antara lain:

Type of plant : Gas Engine GeneratorSkema Bisnis : Jual Beli listrikJangka waktu pembangunan : 12 bulanCOD : Desember 2021

11. Power to X Oil Field - Sei Rokan (PLTS & Battery) Teknologi konversi listrik untuk digunakan di sektor lain.

Spesifikasi umum proyek, antara lain:

Type of plant : Electrical Steam GeneratorKapasitas : 11 MW, Battery 20 MWhJangka waktu pembangunan : 24 bulanCOD : 2022

9. PLTBg PTPN XIII Pontianak It is the Company’s project aiming to supply electricity in the

area of PTPN XIII Pontianak by using the Biogas Power Plant. The general project specifications are:

Type of plant : EPC PLTBgCapacity : 4 MWpScheme : Electricity tradingProject duration : 12 monthsCOD : December 2020

10. Gas Engine Generator RU VII Kasim One of Company’s project aiming to supply electricity in order

to fulfill the needs of residential areas of the VII Processing Unit at Kasim Papua. The general project specifications are:

Type of plant : Gas Engine GeneratorScheme : Electricity tradingConstruction duration : 12 monthsCOD : December 2021

11. Power to X Oil Field - Sei Rokan (PLTS & Battery) Electric conversion technology for use in other sectors.

The general project specifications are:

Type of plant : Electrical Steam GeneratorCapacity : 11 MW, Battery 20 MWhConstruction duration : 12 monthsCOD : 2022





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Jenis UsahaBusiness Type

Nama ProyekProject Name

Unit Status PentingHighlight Status

Gas Integrated IPP Jawa-1 1760 MW IMB, IPPT.IPP Bangladesh 1200 MW NOC dari Petrobangla.

NOC from Petrobangla.IPP Jambi Merang 275 MW Dalam tahap pengembangan Pre-FS.

In the Pre-FS development stage.IPP Bali 1200 MW MoU Signing, Draft TOR, FS ConsultantPLTG O&M (Kasim) TBA Draft KB telah dikirimkan kepada RU VII & telah didapatkan

3 calon kandidat vendor gas engine. The KB draft already sent to RU VII & have obtained 3 potential gas engine vendors.

Renewable Energy

PLTS Badak 1 MW Uji Tera alat ukur transaksi kWh meter telah dilakukan pada 15 Januari 2019 dan akan dilakukan pemasangan kembali pada 22 Januari 2019.The Tera Test measuring instrument for the kWh meter transaction has been carried out on January 15, 2019 and will be reassembled on January 22, 2019.

PLTS Badak 3 MW Dalam proses penyelesaian SLO & SIO terbit untuk kelengkapan BA COD dengan PTB. In the process of completing SLO & SIO issued for the completeness of BA COD with PTB.

PLTBg Sei Mangkei 2.4 MW Proses Review dokumen Engineering, melanjutkan proses PO dan pekerjaan Site Clearing & Excavation.The process of reviewing Engineering documents, continuing the PO process and Site Clearing & Excavation.

PLTS Cilacap 2.4 MW Proses Aanwijzing calon EPC kontraktor pada tahapan proses tender.The Aanwijzing process of prospective EPC contractors at the tender process phase.

BTP PLTS RU II Dumai

4 MW Menunggu konfirmasi terkait Draft KB yang telah dikirimkan kepada SVP Direktur Pengolahan RU II Dumai.Waiting for the confirmation relating to KB Draft that sent to SVP Director of Processing RU II Dumai.

PLTS Sei Mangkei 5 MW Telah dilakukan proses klarifikasi pengadaan jasa konsultan FS.Has made the process of clarifying the procurement of FS consulting services.

Wind Energy 260 MW Site visit Wind Energy ke Sukabumi.Site visit of Wind Energy to Sukabumi.

New Energy EV Battery & Charging Station

500 Ea Menentukan konsep awal skema bisnis guna melakukan study pada proyek EV di Bali.Determine the initial concept of a business scheme to conduct studies on EV projects in Bali.

Power to X TBA Dalam tahap internal desktop study. Still in the internal phase of a desktop study.

Gas

SolarPV

BiogasWind

EnergyBiomass

Beroperasi/Operating

On-GoingTahap Pengembangan/

Development Phase

Pada tabel berikut dapat dilihat ringkasan proyek Perseroan yang telah berjalan atau sedang dalam tahap pengembangan per 31 Desember 2018:

In the following table as can be seen a summary of the Company’s projects that have been running or still under the development phase as of December 31, 2018:



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Peristiwa Penting Tahun 2018Significant Events in 2018

Sebagai bagian dari Pertamina Group, Perseroan berkomitmen akan terus melakukan berbagai upaya perbaikan dalam rangka meningkatkan nilai perusahaan di mata seluruh Pemangku Kepentingan. Berkaitan dengan hal itu, di sepanjang tahun 2018, Perseroan telah melakukan sejumlah kegiatan yang dinilai memiliki dampak signifikan terhadap citra atau reputasi Perseroan, antara lain:

1. Gas Power Business• IPP Jawa-1: pendirian PT Jawa Satu Regas,

penandatanganan EPC contract, dicapainya dry closing untuk project finance, penandatanganan Tripartite lease agreement dengan Pertagas atas lahan Cilamaya, pelaksanaan ground breaking, dan dicapainya financing close.

• IPP Bangladesh: ditandatanganinya MoU G2G, dan diperolehnya approval dari BPDP.

• IPP Wellhead Jambi Merang: ditandatanganinya Consortium Agreement, dan masuk dalam daftar proyek RUPTL PLN.

2. NRE Power Business• PLTS Badak: commissioning dan COD untuk PLTS 1MW

dan diselesaikannya PLTS Badak 3 MW.• PLTBg Sei Mangkei: ditandatanganinya Commercial

Agreement.

As part of Pertamina Group, Company is committed to continuing to make various improvement in order to increase the Company’s value in the eyes of all Stakeholders. In this regard, throughout 2018, Company has conducted a number of activities that considered have a significant impact on Company’s image or reputation, including:

1. Gas Power Business• IPP Java-1: the establishment of PT Jawa Satu Regas,

EPC contract signing, dry closing for the project finance, the signing Tripartite lease agreement with Pertagas for Cilamaya area, the ground breaking and financial closing.

• IPP Bangladesh: the signing of G2G MoU and obtaining approval from BPDP.

• IPP Wellhead Jambi Merang: the signing of the Consortium agreement, andbeing included in RUPTL PLN list.

2. NRE Power Business• PLTS Badak: commissioning and COD for PLTS 1MW

and completed PLTS Badak 3 MW. • PLTBg Sei Mangkei: the signing of Commercial

Agreement.

Laporan ManajemenManagement Report

Ikhtisar Informasi Saham Share Performance Highlights

Sebagai perusahaan tertutup, Perseroan tidak mencatatkan sahamnya di Bursa Efek Indonesia (BEI). Oleh karena itu, Perseroan tidak diwajibkan untuk mengungkapkan ikhtisar kinerja saham dan kronologi pencatatan saham pada Laporan Tahunan 2018.

Namun demikian, jumlah saham Perseroan yang beredar per 31 Desember 2018 adalah sebanyak 1.547.981 lembar saham. Penjelasan lengkap mengenai komposisi pemegang saham Perseroan dapat dilihat pada Bab “Profil Perusahaan”, sub-bab “Komposisi Pemegang Saham”, halaman 41.

As a non-public company, Company has not listed its shares in the Indonesia Stock Exchange (IDX). Therefore, Company is not obliged to disclose a summary of shares performance and stock listing chronology in the 2018 Annual Report.

However, the number of Company’s outstanding shares as of December 31, 2018 was 1,547,981 shares. A further description of Company’s shareholders composition can be seen in “Company Profile” Chapter, sub-section “Shareholders’ Composition”, page 41.

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Laporan ManajemenManagement Report


Ikhtisar Kinerja UtamaMain HighlightsLaporan ManajemenManagement ReportProfil PerusahaanCompany Profile


14


Laporan Dewan KomisarisReport of the Board of Commissioners

Dewan Komisaris menilai Perseroan dapat mempertahankan pertumbuhan yang berkelanjutan, ditopang oleh sinergi di dalam Pertamina Group yang kuat, terutama dalam mengembangkan bisnis Energi Baru Terbarukan (EBT).

The Board of Commissioners views that the Company can maintain its sustainable growth, supported by strong synergies within Pertamina Group, especially in developing the Renewable Energy (EBT) business.

Ignatius TallulembangKomisaris Utama

President Commissioner





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Dear Valued Shareholders,

First of all to start this Annual Report, please allow me on behalf of the Board of Commissioners of the Company, to express our gratitude to God Almighty as by His blessings and guidance the Company could passed through 2018 with good performance. On this occasion, the Board of Commissioners would like to convey the accountability report relating to the supervision function on the Company’s management carried out by the Board of Directors in 2018.

The Board of Directors’ Performance Assessment in 2018

2018 still remains a challenging year filled with a number of dynamics and pressures on the global economy. However, the domestic economy’s resilience was able to record positive performance in several macroeconomic indicators, such as the national growth rate was realized at 5.17% or strengthened from the previous year which recorded by 5.07%, and the inflation rate was controlled at 3.13% or according to the government’s target range of 3.5±1%. The Board of Commissioners considered that the Board of Directors has succeeded in utilizing of this good domestic economic condition in performing their duties and responsibilities throughout 2018, both in terms of financial management and in terms of the Company’s operations. Relating to the Company’s performance, in this year, the Company still focused on developing Renewable Energy (EBT), as well as fulfilling all requirements in the funding phase as requested by Lenders for the Java-1 IPP Project.

Supervision on the Implementation of the Company’s Strategy

The Board of Commissioners proactively supervised the implementation of several business strategies and policies implemented by the Board of Directors in order to ensure the smooth-running of the Company’s business and operations. In this regard, the Board of Commissioners considered that all of the business strategy taken by the Board of Directors during the year has in accordance with the directions and recommendations given by the Board of Commissioners. As for one of the business strategies that has been successfully implemented properly and according to the target of the Board of Directors, such as the fulfillment of all funding requirements for the IPP Java-1 Project, the commencement of physical construction activities of the IPP Java-1 Project, as well as the monetization of PLTS Badak 1 MW Project.

Para Pemegang Saham yang Terhormat,

Mengawali Laporan Tahunan ini, izinkan saya mewakili seluruh Dewan Komisaris Perseroan memanjatkan Puji Syukur ke hadirat Tuhan Yang Maha Esa, karena atas rahmat dan anugerah-Nya Perseroan mampu menjawab setiap tantangan bisnis yang ada di sepanjang tahun 2018 dengan catatan kinerja yang memuaskan. Pada kesempatan ini, perkenankan Dewan Komisaris menyampaikan laporan pertanggungjawaban terkait fungsi pengawasannya terhadap pengurusan Perseroan yang dijalankan oleh Direksi selama tahun 2018.

Penilaian Kinerja Direksi Tahun 2018

Tahun 2018 masih menjadi tahun yang penuh tantangan yang diwarnai oleh sejumlah dinamika dan tekanan bagi perekonomian global. Meski demikian, ketahanan ekonomi dalam negeri tetap mampu membukukan hasil yang positif di sejumlah indikator ekonomi makronya, seperti laju pertumbuhan nasional yang berhasil terealisasi sebesar 5,17% atau menguat dari tahun sebelumnya sebesar 5,07%, serta tingkat inflasi yang terkendali pada level 3,13% atau dalam kisaran target pemerintah 3,5±1%. Dewan Komisaris menilai Direksi telah berhasil memanfaatkan kondisi perekonomian domestik yang baik ini dalam menjalankan tugas dan tanggung jawabnya di sepanjang tahun 2018, baik dari sisi pengelolaan finansial maupun dalam hal operasional Perseroan. Berkaitan dengan kinerja Perseroan, pada tahun ini, Perseroan tengah berfokus pada pengembangan Energi Baru Terbarukan (EBT), serta pemenuhan seluruh persyaratan pada tahap pendanaan sebagaimana diminta oleh Lenders untuk Proyek IPP Jawa-1.

Pengawasan terhadap Implementasi Strategi Perseroan

Dewan Komisaris secara proaktif menjalankan fungsi pengawasan terhadap implementasi sejumlah strategi bisnis yang dieksekusi oleh Direksi guna memastikan kelancaran kegiatan operasional dan bisnis Perseroan. Berkaitan dengan hal itu, Dewan Komisaris menilai seluruh langkah strategi bisnis yang dijalankan Direksi pada tahun ini telah sesuai dengan arahan dan rekomendasi yang diberikan oleh Dewan Komisaris. Adapun salah satu strategi bisnis yang berhasil diterapkan dengan baik dan sesuai target oleh Direksi, yaitu terpenuhinya seluruh syarat pendanaan untuk Proyek IPP Jawa-1, dimulainya aktivitas fisik konstruksi Proyek IPP Jawa-1, serta mulai dimonetisasinya Proyek PLTS Badak 1 MW.



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View on Business Prospects for 2019

The Board of Commissioners considered the solid pace of the national economy throughout the year is able to give a positive impact on the business climate and domestic investment in the upcoming 2019. As part of Pertamina Group, the Board of Commissioners showed that the Company has competitive advantages in terms of strong synergy that established within Pertamina Group. Therefore, the Board of Commissioners evaluated that the synergy will support the Company’s business prospects in the future although many challenges remained exist. Going forward, the Company will be focused on obtaining a definitive agreement with Bangladesh for the IPP construction project of 1,400 MW, as well as focusing on EBT business development.

View on Corporate Governance Implementation

The Board of Commissioners considered that the implementation of Good Corporate Governance (GCG) principles has been carried out at all levels of the organization and business lines of the Company as set forth in the regulation and best practices generally applicable in Indonesia. In addition, a positive view also given by the Board of Commissioners of all efforts to improve the quality of GCG implementation that has been carried out by the Board of Directors and its staff throughout the year. The Board of Commissioners considered that this has aligned with the “Subsidiary Management Guidelines” of PT Pertamina (Persero) or hereinafter referred to as” Pertamina “. By consistently applying the GCG principles in all aspects of business operations, so in the long-term, the Company is expected to be able to give added values to the Shareholders and other Stakeholders, as well as to ensure that the Company’s business activities have been managed well and accountably.

Pandangan atas Prospek Usaha Tahun 2019

Dewan Komisaris menilai solidnya laju perekonomian nasional di sepanjang tahun ini dapat memberikan angin segar bagi iklim bisnis dan investasi domestik di tahun 2019 mendatang. Sebagai bagian dari Pertamina Group, Dewan Komisaris memandang Perseroan memiliki keunggulan kompetitif dalam hal sinergi kuat yang terjalin di dalam Pertamina Group. Oleh karena itu, Dewan Komisaris berpendapat hal tersebut dapat mendukung seluruh target operasional bisnis Perseroan di masa mendatang meskipun berbagai tantangan masih akan tetap ada. Ke depan, Perseroan akan berfokus pada perolehan perjanjian yang definitif dengan Bangladesh untuk proyek pembangunan IPP sebesar 1.400 MW, serta berkonsentrasi pada pengembangan bisnis EBT.

Pandangan atas Penerapan Tata Kelola Perusahaan

Dewan Komisaris memandang penerapan prinsip-prinsip Tata Kelola Perusahaan Yang Baik (Good Corporate Governance/”GCG”) telah dilakukan di seluruh level organisasi maupun lini bisnis Perseroan sebagaimana diatur dalam perundang-undangan dan best practices yang berlaku umum di Indonesia. Selain itu, Dewan Komisaris turut memandang baik segala upaya peningkatan kualitas penerapan GCG yang telah dilakukan oleh Direksi dan jajarannya di sepanjang tahun ini. Dewan Komisaris menilai hal tersebut selaras “Pedoman Pengelolaan Anak Perusahaan” PT Pertamina (Persero) atau selanjutnya disebut “Pertamina”. Dengan menerapkan prinsip-prinsip GCG secara konsisten di seluruh aspek operasional bisnis, maka pada jangka panjang diharapkan Perseroan akan mampu memberikan nilai tambah kepada para Pemegang Saham maupun Pemangku Kepentingan lainnya, serta menjamin bahwa kegiatan bisnis Perseroan sudah dikelola secara baik dan bertanggung jawab.





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Perubahan Komposisi Anggota Dewan Komisaris

Berdasarkan Akta Pernyataan Keputusan Rapat No. 12 tertanggal 19 September 2018 tentang Pergantian Dewan Komisaris yang dibuat oleh Notaris Marianne V. Hamdani, pada tahun ini terjadi perubahan komposisi Dewan Komisaris, yakni posisi Komisaris Utama yang semula dijabat oleh Ibu Yenni Andayani saat ini dipegang oleh Bapak Ignatius Tallulembang.

Penutup

Akhir kata, perkenankan saya, mewakili seluruh anggota Dewan Komisaris Perseroan menyampaikan ucapan terima kasih yang sebesar-besarnya kepada para Pemegang Saham, mitra bisnis, dan Pemangku Kepentingan lainnya. Selain itu, apresiasi yang setinggi-tingginya juga kami berikan kepada Direksi, manajemen, dan seluruh karyawan yang telah memberikan kontribusi terbaiknya sehingga Perseroan mampu membukukan kinerja yang memuaskan di sepanjang tahun 2018. Semoga dengan terjalinnya sinergi dan kerja sama yang baik selama ini serta didukung juga dengan implementasi strategi bisnis yang tepat, Perseroan senantiasa mampu memanfaatkan setiap peluang bisnis yang ada demi terealisasinya visi dan misi Perseroan.

Changes in the Composition of the Board of Commissioners

Based on the Deed number 12 dated 19 September 2018 regarding The Changing of the Commissioner, made by Marianne Vicentia Hamdani the Notary, in this year there was a change in the composition of the Board of Commissioners, which the position of the President Commissioner who previously held by Ms. Yenni Andayani is currently held by Mr. Ignatius Tallulembang.

Acknowledgement

To conclude, allow me, on behalf of all members of the Board of Commissioners of the Company, would like to express our deepest gratitude to the Shareholders, business partners, and other Stakeholders. In addition, we also given highest appreciation to the Board of Directors, management, and all employees who have optimally performed their best contributions, so the Company will always be able to record good performance throughout 2018. By the strong synergy and good cooperation during this period and also supported by the implementation of proper business strategy, it is expected that the Company will always be able to seize every business opportunity in order to realize the Company’s vision and mission.

Hormat kami,Warm regards,





18


Laporan DireksiReport of the Board of Directors

GinanjarPJ President DirectorPJ President Director

Pada tahun ini, Direksi telah menjalankan sejumlah strategi bisnis yang dinilai tepat sehingga mampu membukukan pendapatan usaha senilai USD40.566 dan merampungkan sejumlah proyek strategis.

This year, the Board of Directors has carried out a number of business strategies that were considered proper so as to be able to record revenues worth to USD40,566 and complete a number of strategic projects.





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Para Pemegang Saham dan Pemangku Kepentingan yang Terhormat,

Pertama-tama, marilah kita mengucapkan Puji Syukur ke hadirat Tuhan Tuhan Yang Maha Esa atas rahmat dan anugerah-Nya yang telah memampukan Perseroan menutup tahun 2018 dengan kinerja yang positif. Pada kesempatan ini, izinkan saya mewakili jajaran Direksi Perseroan menyampaikan laporan pertanggungjawaban Direksi kepada para Pemegang Saham dan Pemangku Kepentingan selama tahun 2018.

Program Kebijakan Strategis 2018

Perseroan terus berupaya untuk menangkap setiap peluang bisnis yang ada dan memanfaatkan sinergi bisnis yang terjalin di dalam Pertamina Group guna merealisasikan target operasional bisnis dengan hasil yang unggul dan memuaskan. Pada tahun ini, Perseroan telah menetapkan dan mengeksekusi sejumlah inisiatif strategi bisnis, diantaranya pembangunan pembangkit listrik yang berasal dari gas mulut tambang sebagai sumber energi, yaitu Proyek IPP Jambi Merang, serta pengembangan proyek diversifikasi energi berupa teknologi konversi listrik untuk digunakan pada sektor lainnya.

Kinerja Perseroan Tahun 2018

Tahun 2018 merupakan tahun yang sarat dengan berbagai tantangan bagi iklim ekonomi global. Pasalnya, pada tahun ini arah perekonomian dunia masih diliputi ketidakpastian yang terutama disebabkan oleh kebijakan normalisasi suku bunga The Fed AS serta ketegangan hubungan perdagangan antara AS dan Cina. Namun demikian, kondisi perekonomian dalam negeri tetap mampu menunjukkan pergerakan yang solid sebagaimana tercermin dalam rilis laju pertumbuhan nasional tahun 2018 yang berhasil mencapai 5,17% atau menguat dibandingkan tahun sebelumnya sebesar 5,07%. Selain itu, laju inflasi nasional pada tahun ini juga terkendali pada level 3,13% atau lebih rendah dibandingkan dengan kisaran target yang dipatok pemerintah yakni 3,5±1%.

Di tengah kondisi perekonomian nasional yang cukup baik pada tahun ini, Perseroan belum dapat mencatat laba dikarenakan masih dalam tahap pengembangan dan proses perampungan kegiatan bisnis usaha atas sejumlah proyek yang akan dijalankan ke depan. Namun demikian, pada tahun ini Perseroan berhasil membukukan pendapatan usaha senilai USD40.566. Selain itu total aset lancar Perseroan juga tercatat meningkat 10,01% (YoY) dari senilai USD99.740.711 di tahun 2017 menjadi USD109.730.927.

Dear Valued Shareholders and Other Stakeholders,

First of all, let us give our praise to the God Almighty for His mercy and grace that enabled the Company to go through the year with a positive performance. On this occasion, allow me on behalf of the Board of Directors of the Company to submit the Board of Directors’ accountability report to the Shareholders and Stakeholders in 2018.

2018 Strategic Policy Program

The Company continues to strive in grabbing every business opportunity and to utilize the business synergy that has built within Pertamina Group in order to achieve all business operational targets with excellent and positive results. In this year, the Company has established and executed a number of business strategy initiatives, including the construction of a power plant from mine mouth gas as an energy source, i.e. the IPP Jambi Merang Project, as well as the development of a diversification project in the form of electricity conversion technology to be used for other sectors.

The Company’s Performance in 2018

2018 was a challenging year for the global economic climate. In 2018, the world economy pace still filled with uncertainty which was mainly due to the US Fed’s normalization of interest rates and high tensions of a trade war between the US and China. However, the domestic economic conditions remain able to show a solid performance as reflected in the national growth rate in 2018 that reached 5.17% or rose compared to the previous year at 5.07%. In addition, the national inflation rate throughout the year was also controlled at 3.13% or lower compared to the target set by the government at 3.5±1%.

Amidst of strong country’s economy throughout the year, the Company has not been able to record profits due to it was still in the development phase and in the process of completing business activities for a number of projects that will be carried forward. However, this year the Company managed to record revenue that amounting to USD40,566. In addition, the Company’s total current assets also increased by 10.01% (YoY) from USD99,740,711 in 2017 to USD109,730,927.



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Tantangan dan Kendala Yang Dihadapi

Dalam menjalankan kegiatan operasional bisnisnya, Perseroan tidak dapat menghindari sejumlah kendala dan tantangan yang melekat pada bidang usaha Perseroan. Oleh karena itu, Perseroan secara berkala menganalisis setiap tantangan atau risiko yang mungkin terjadi sewaktu-waktu serta menetapkan langkah mitigasinya.

Prospek Usaha Tahun 2019

Di tengah positifnya roda perekonomian dalam negeri, Perseroan menyambut optimis prospek usaha tahun 2019 mendatang. Selaras dengan hal itu, kinerja Perseroan juga diprediksi akan lebih baik seiring dengan semakin matangnya pengalaman Perseroan di sektor industri energi nasional serta besarnya dukungan pemerintah khususnya dalam mengembangkan Energi Baru Terbarukan (EBT). Ke depan, Perseroan menilai sejumlah proyek yang dijalankan Perseroan masih cukup prospektif, di antaranya Proyek Bangladesh, Proyek IPP Jambi Merang maupun proyek-proyek EBT.

Tata Kelola Perusahaan

Sebagai salah satu entitas anak PT Pertamina (Persero) atau selanjutnya disebut “Pertamina”, Perseroan berkomitmen untuk selalu menerapkan prinsip-prinsip Tata Kelola Perusahaan Yang Baik (Good Corporate Governance/”GCG”) di seluruh aspek operasional bisnis sebagaimana diatur dalam perundang-undangan dan best practices yang berlaku umum di Indonesia. Sebagai bagian dari Pertamina Group, implementasi praktik GCG di lingkungan Perseroan senantiasa mengacu pada “Pedoman Pengelolaan Anak Perusahaan Pertamina”. Perseroan selalu mendorong seluruh insan Perseroan agar penerapan prinsip-prinsip GCG senantiasa menjadi budaya kerja guna mendukung keberlangsungan bisnis Perseroan di masa yang akan datang. Perseroan meyakini dengan diterapkannya prinsip-prinsip GCG yang efektif dan efisien dapat memberikan kontribusi yang maksimal terhadap peningkatan nilai Perseroan.

Challenges and Constraints Faced

In carrying out its business operations, the Company can not avoid various obstacles and challenges related to the Company’s business activities. Therefore, the Company periodically analyzes every challenge or risk that may occur at any time as well as determines its mitigation measures.

2019 Business Prospects

Amidst the positive wheels of the domestic economy, the Company has an optimistic view of the business prospects in the upcoming 2019. Aligned with that, the Company’s performance is also predicted will be going better in line with the Company’s experiences in the national energy industry sector as well as big support from the government, especially in the development of Renewable Energy (EBT). Going forward, the Company view that some projects that are running by the Company will still remain prospective, including the Bangladesh Project, IPP Jambi Merang Project, and EBT projects.

Corporate Governance

As one of the subsidiaries of PT Pertamina (Persero) or hereinafter referred to as “Pertamina”, the Company is committed to always applying the principles of Good Corporate Governance (GCG) in all aspects of business operations as stipulated in the legislation and best practices generally accepted in Indonesia. As part of Pertamina Group, the implementation of GCG practices within the Company always refers to the “Subsidiary Management Guidelines of Pertamina”. The Company always encourages all of the Company’s personnel so that the application of GCG principles has always been working as a corporate culture to support the Company’s business continuity in the future. The Company believes that the implementation of effective and efficient GCG principles can contribute a maximum increase to the Company’s value.





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Penutup

Menutup laporan Direksi kali ini, perkenankan kami, atas nama Direksi Perseroan, mengucapkan terima kasih yang sebesar-besarnya kepada para Pemegang Saham dan Pemangku Kepentingan atas dukungan yang diberikan kepada Perseroan hingga saat ini. Selain itu, apresiasi setinggi-tingginya juga kami berikan kepada Dewan Komisaris yang telah memberikan arahan dan rekomendasi yang bermanfaat kepada Direksi dalam menjalankan kegiatan pengurusan Perseroan di sepanjang tahun 2018. Tak lupa kami menyampaikan penghargaan yang setingginya kepada seluruh karyawan yang telah memberikan waktu, tenaga, dan kontribusi terbaiknya bagi Perseroan. Melalui sinergi yang sudah terjalin semoga ke depan, Perseroan dapat terus tumbuh dan berkembang sebagai perusahaan terkemuka di industri energi agar senantiasa mampu memberikan manfaat yang lebih besar kepada seluruh pihak terutama dalam hal penyediaan energi bersih.

Acknowledgement

To conclude this report, please allow us on behalf of the Board of Directors of the Company, express our gratitude to the Shareholders and Stakeholders for the support given to the Company until now. In addition, we also give the highest appreciation to the Board of Commissioners who have given a useful direction and recommendation to the Board of Directors in performed the Company’s management activities throughout 2018. And also we would like to express our highest appreciation to all employees who have given their best time, effort and contribution to the Company. Through the synergy that has been established, hopefully in the future, the Company can continue to grow and to develop as a leading company in the energy industry that always able to provide greater benefits to all parties especially in the field of a clean energy.

Hormat kami,Best regards,




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Kami yang bertanda tangan di bawah ini menyatakan bahwa seluruh informasi dalam Laporan Tahunan PT Pertamina Power Indonesia tahun 2018 telah dimuat secara lengkap dan kami bertanggung jawab penuh atas kebenaran isi Laporan Tahunan Perusahaan.

Demikian pernyataan ini dibuat dengan sebenarnya.

We the undersigned hereby certify that all information in the 2018 Annual Report of PT Pertamina Power Indonesia has been completely presented and we bear the full responsibility for the accuracy of the content of the Company’s Annual Report.

Thus this certification is truly made.

Jakarta, Maret 2019 Jakarta, March, 2019

Dewan Komisaris | Board of Commissioners

Direksi | Board of Directors




Yunus SaefulhakKomisaris

CommissionerProfil Perusahaan

Company Profile

Surat Pernyataan Anggota Direksi dan Dewan Komisaris Tentang Tanggung Jawab atas Laporan Tahunan 2018 PT Pertamina Power Indonesia

Statement of Member of Board of Directors and Board of Commissioners on the Responsibility for the 2018 Annual Report of PT Pertamina Power Indonesia

Indra TrighaDirektur Strategic Planning & Business Development

Director of Strategic Planning & Business Development

Yenni AndayaniKomisaris Utama (sampai dengan Agustus 2018)

President Commissioner (until August 2018)

23

Profil PerusahaanCompany Profile




24


Informasi PerusahaanCorporate Information

Nama PerusahaanCompany Name

Tanggal PendirianDate of Establishment

Alamat Kantor PusatHead Office Address

Modal DasarBasic Capital

Bidang UsahaBusiness Lines

Dasar Hukum PendirianEstablishment Basis

Modal DisetorPaid-up Capital

Produk/JasaProducts/Services

Kepemilikan SahamShare Ownership

PT Pertamina Power Indonesia (“PPI”)

26 Oktober/October

2016

Rp4.531.667.000.000

Power Energy dan New & Renewable Energy

Akta Pendirian Perseroan Terbatas yang dibuat oleh Notaris Lenny Janis Ishak, S.H. Nomor 17 tanggal 26 Oktober 2016. Pendirian Perusahaan didasarkan pada Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas. Akta Pendirian PPI telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia RI melalui Surat Keputusan Menteri Hukum dan HAM RI Nomor AHU-0047785.AH.01.01.Tahun 2016 tanggal 27 Oktober 2016 tentang Pengesahan Pendirian Badan Hukum Perseroan Terbatas PPI.

Deed of Establishment of Limited Liability Company made before Notary Lenny Janis Ishak, S.H. No.17 dated on October 26, 2016. The establishment of the Company is based on Law No. 40 Year 2007 regarding Limited Liability Company. The Deed of Establishment of PPI has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through the Decree of the Minister of Law and Human Rights No. AHU-0047785.AH.01.01. Year 2016 dated on October 27, 2016 on the Legalization of Establishment of Limited Liability Company PPI.

Rp1.547.981.000.000

Energi Baru TerbarukanNew Renewable Energy

Energi ListrikElectrical Energy

Jl. MH. Thamrin No. 59, Lantai 20 dan 25RT 09/RW 05, Gondangdia, MentengJakarta Pusat, 10350 Tel. : 021-3815111 ext.2172

PT Pertamina (Persero)

99,999031%Pertamina Pedeve Indonesia

0,000969%





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Sejarah Singkat PerusahaanThe Company’s Brief History

PT Pertamina Power Indonesia (“PPI”) or hereinafter referred to as “the Company” in this 2018 Annual Report, is one of the SOEs’ subsidiaries, namely PT Pertamina (Persero) or “Pertamina”. Historically, the Company was first established as a strategic holding company of Pertamina on October 26, 2016 which assigned to running, controlling, managing business activities in the areas of energy to power with the basis of new and renewable energy (“EBT”) owned by Pertamina, both domestically and overseas. The Company continues to run its business professionally by implementing sound corporate business practices that always prioritize the principles of Good Corporate Governance in every aspect of its business and daily operations in order to be able to deliver a sustainable added value to the Company’s Stakeholders. As part of Pertamina Group, the Company utilizes the strong synergy that has been established with Pertamina so that the Company has an optimistic view to be a major player in the field of gas-based power business and EBT, including captive power business and EBT to power business in Indonesia.

Entering the 2nd year of its business milestones, during the year the Company has managed 2 (two) subsidiaries, namely PT Jawa Satu Power (“JSP”) that participated in the IPP Java-1 project and PT Jawa Satu Regas (“JSR”) which operates FSRU Proyek Jawa-1. By the end of this year, the Company has managed a number of projects, such as 1 project that has been operating, 3 on-going projects, and 11 projects that were still under development phase. Further explanation of each project can be seen in the Management Analysis and Discussion Chapter, page 46.

PT Pertamina Power Indonesia (“PPI”) atau selanjutnya disebut sebagai “Perseroan” pada Laporan Tahunan 2018, merupakan salah satu entitas anak BUMN, yakni PT Pertamina (Persero) atau “Pertamina”. Secara historis, Perseroan pertama kali didirikan sebagai strategic holding company Pertamina pada tanggal 26 Oktober 2016 yang bertugas untuk menjalankan, mengendalikan, dan mengelola kegiatan usaha bisnis power berbasis gas dan energi baru & terbarukan (“EBT”) milik Pertamina, baik di dalam negeri maupun di luar negeri. Perseroan senantiasa menjalankan kegiatan usahanya secara profesional dengan menerapkan praktik bisnis korporasi yang sehat dan selalu mengedepankan prinsip-prinsip Tata Kelola Perusahaan Yang Baik di setiap aspek bisnis maupun operasionalnya sehari-hari agar mampu memberikan nilai tambah yang berkelanjutan kepada para Pemangku Kepentingan (Stakeholder) Perseroan. Sebagai bagian dari Pertamina Group, Perseroan memanfaatkan sinergi kuat yang terjalin bersama Pertamina sehingga Perseroan optimis dapat menjadi pemain utama di bidang bisnis power berbasis gas dan EBT, termasuk captive power business dan bisnis EBT to power di Indonesia.

Memasuki tahun ke-2 perjalanan bisnisnya, pada tahun ini Perseroan telah mengelola 2 (dua) entitas anak usaha, yakni PT Jawa Satu Power (“JSP”) yang berpartisipasi di dalam proyek IPP Jawa-1 dan PT Jawa Satu Regas (“JSR”) yang mengelola FSRU Proyek Jawa-1. Sampai dengan akhir tahun ini, Perseroan telah mengelola sejumlah proyek, yaitu 1 proyek sudah beroperasi, 3 proyek on-going, dan 11 proyek yang masih dalam tahap pengembangan. Uraian lebih lanjut mengenai penjelasan masing-masing proyek dapat dilihat pada Bab Analisis dan Pembahasan Manajemen, halaman 46.

Sebagai bagian dari Pertamina Group, Perseroan memanfaatkan sinergi kuat yang terjalin bersama Pertamina sehingga Perseroan optimis dapat menjadi pemain utama di bidang bisnis power berbasis gas dan EBT, termasuk captive power business dan bisnis EBT to power di Indonesia.

As part of Pertamina Group, the Company utilizes the strong synergy that has been established with Pertamina so that the Company has an optimistic view to be a major player in the field of gas-based power business and EBT, including captive power business and EBT to power business in Indonesia.



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Jejak LangkahMilestones

26 Oktober/October

Perseroan didirikan untuk pertama kalinya.

The company was first established.

Desember/December

Perseroan (40%), Anak Perusahaan Marubeni (40%), dan Anak Perusahaan Sojitz (20%) membentuk 1 (satu) entitas bisnis bernama: PT Jawa Satu Power (“JSP”) yang bertugas sebagai vehicle untuk proyek IPP Jawa-1.

The Company (40%), subsidiary of Marubeni (40%) and a subsidiary of Sojitz (20%) established 1 (one) business entity named: PT Jawa Satu Power (“JSP”) as a vehicle for IPP Java-1 project

15 Maret/March

Penandatanganan EPC Proyek Jawa-1. Signing of EPC Java-1 Project.

22 Juni/June

Pendirian PT Jawa Satu Regas.Establishment of PT Jawa Satu Regas.

18 Oktober/October

Penandatanganan HOA SBC FSRU IPP Jawa-1 antara Konsorsium Jawa-1 dan Samsung Heavy Industries.

The signing of HOA SBC FSRU IPP Java-1 between Java-1 Consortium and Samsung Heavy Industries.

November

Perseroan menandatangani kesepakatan bersama untuk membangun PLTS PT Badak sebesar 3 MW dan 4 MW.

The company signed a joint agreement to build PT Badak’s PLTS of 3 MW and 4 MW.

5 Desember/December

Financial Close Proyek IPP Jawa-1. Financial Close of IPP Java-1 Project.

19 Desember/December

Groundbreaking Proyek IPP Jawa-1.Groundbreaking of IPP Jawa-1 Project.

2016

2017

2018

Groundbreaking Proyek IPP Jawa-1Groundbreaking of IPP Jawa-1 Project





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Logo PerusahaanThe Company’s Logo

Makna Logo

» Warna biru memiliki arti andal, dapat dipercaya dan bertanggung jawab. » Warna hijau memiliki arti sumber daya energi yang berwawasan lingkungan. » Warna merah memiliki arti keuletan dan ketegasan serta keberanian dalam menghadapi

berbagai macam kesulitan.

Arti Simbol Grafis

» Bentuk anak panah menggambarkan aspirasi organisasi Pertamina untuk senantiasa bergerak ke depan, maju, dan progresif. Simbol ini juga mengisyaratkan huruf “P” yakni huruf pertama dari Pertamina.

» Tiga elemen berwarna melambangkan pulau-pulau dengan berbagai skala yang merupakan bentuk negara Indonesia.

The Meaning of Logo

» Blue means reliable, trustworthy and responsible. » Green means energy resources with environmental sensitivity. » Red means tenacity and decisiveness and courage to face many difficulties.

The Meaning of the Graphic Symbol

» The shape of arrows depict the aspirations of Pertamina to continually move forward, to be advanced and to be progressive. This symbol also symbolizes the letter “P” which is the first letter of Pertamina.

» Three-colored elements symbolize the islands with various sizes forming the shape of Indonesia.



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Visi dan MisiVision and Mission

VisiMenjadi perusahaan yang paling inovatif dan terkemuka dalam penyedia energi bersih untuk menopang bumi.

VisionBeing the most innovative and reputable company in the business of providing clean energy for the world.

MisiMelaksanakan pengelolaan operasi dan portofolio usaha sektor hilir di bidang power berbasis gas dan EBT secara profesional, berwawasan lingkungan, memiliki keunggulan, mengutamakan safety serta memberikan nilai tambah bagi Stakeholders.

MissionTo carry out operations management and downstream business portfolio in the field of power on gas-based and EBT professionally, environment-friendly, have advantages, give priority to safety as well as provide added value for Stakeholders.





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Budaya Kerja PerusahaanCorporate Work Cultures

Perseroan selalu menghimbau dan mendorong agar seluruh karyawannya senantiasa menjadikan Tata Nilai Unggulan Perseroan (“Six C”) sebagai budaya kerja atau pedoman yang wajib dipatuhi saat sedang menjalankan tugas dan tanggung jawabnya di Perseroan. Sebagai bagian dari Pertamina Group, Perseroan senantiasa menyelaraskan Tata Nilai Unggulan milik Perseroan dengan Tata Nilai Korporat yang telah ditetapkan Pertamina, antara lain:

The Company always encourages all of its employees to always implements the Company’s Excellent Values (“Six C”) as a behavioral guideline that must be obeyed while performing their duties and responsibilities in the Company. As part of Pertamina Group, the Company constantly aligns the Company’s Excellent Values with the Pertamina’s Corporate Value, including:

Bersih (Clean)

Dikelola secara profesional, menghindari benturan kepentingan, tidak menoleransi suap, menjunjung tinggi kepercayaan dan integritas. Berpedoman pada asas-asas tata kelola korporasi yang baik. Professionally managed, avoid conflict of interest, never tolerate bribery, respect trust and integrity. Based on good corporate governance principles.

Kompetitif (Competitive)

Mampu berkompetisi dalam skala regional maupun internasional, mendorong pertumbuhan melalui investasi, membangun budaya sadar biaya dan menghargai kinerja.Able to compete both regionally and internationally, support growth through investment, build a cost effective and performance oriented culture.

Percaya Diri (Confident)

Berperan dalam pembangunan ekonomi nasional, menjadi pelopor dalam reformasi BUMN, dan membangun kebanggaan bangsa.Involvement in national economic development, as a pioneer in State-Owned Enterprise reform, and to build national pride.

Fokus pada Pelanggan (Customer Focused)

Berorientasi pada kepentingan pelanggan, dan berkomitmen untuk memberikan pelayanan terbaik kepada pelanggan.Focus on customers and commit to give the best services to customers.

Komersial (Commercial)

Menciptakan nilai tambah dengan orientasi komersial, mengambil keputusan berdasarkan prinsip-prinsip bisnis yang sehat.Create added value based on commercial orientation and make decisions based on fair business principles.

Berkemampuan (Capable)

Dikelola oleh pemimpin dan pekerja yang profesional serta memiliki talenta dan penguasaan teknis tinggi, berkomitmen dalam membangun kemampuan riset dan pengembangan.Managed by professional, skilled, and highly qualified leaders and workers, committed to building research and development capabilities.



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Bidang UsahaLine of Businesses

Kegiatan Usaha Berdasarkan Anggaran Dasar

Merujuk pada Akta Pendirian Perseroan, maka kegiatan usaha dan produk/jasa Perseroan, mencakup:

1. Usaha penyediaan tenaga listrik berupa kegiatan pembangkitan, penyaluran, pendistribusian, penjualan dan pembelian tenaga listrik yang ekonomis bermutu tinggi dan dengan keandalan yang baik.

2. Usaha yang berkaitan dengan penyediaan tenaga listrik yang meliputi:» Jasa survei, investigasi, desain, konstruksi/pemasangan,

instalasi, operasi, dan pemeliharaan, penyewaan peralatan, pembangkitan, serta pendidikan, pelatihan dan sertifikasi.

» Produksi, perbaikan dan perdagangan, peralatan tenaga listrik.

» Produksi, pengolahan, pengangkutan dan perdagangan gas alam.

» Produksi dan pengusahaan energi listrik dari sumber energi lainnya, yang meliputi, antara lain: gas alam, air, panas bumi, matahari, angin, biomas, biogas, gelombang air laut, gasifikasi batubara, nuklir, dan cogeneration.

3. Melakukan pengadaan Fasilitas FSRT yaitu:» Melakukan pengadaan fasilitas penyimpanan dan

regasifikasi terapung, termasuk tidak terbatas pada fasilitas transportasi gas dan sarana/prasarana terkait;

» Melakukan pengadaan sumber pasokan LNG baik dari dalam dan luar negeri;

» Melakukan pengadaan kebutuhan kapal dan pemilihan kapal pengangkut untuk mengangkut LNG dari pelabuhan muat dimana kilang LNG berada sampai dengan Fasilitas FSRT;

» Memastikan dilakukannya pengelolaan dan pemeliharaan Fasilitas FSRT dengan memperhatikan prinsip kehati-hatian;

» Melakukan penjualan gas hasil regasifikasi kepada pembeli;

» Menyediakan jasa fasilitas penyimpanan dan regasifikasi LNG;

» Melakukan kegiatan lain yang mendukung operasional Perusahaan;

» Melakukan kegiatan usaha lain dalam rangka pengembangan bisnis perusahaan.

Business Activities Based on the Articles of Association

According to the Company’s Deed of Establishment, the Company’s business activities and products/services, including:

1. Power supply business in the form of generating, distributing, selling and purchasing of high quality eco-electric power supply and with good reliability.

2. Businesses related to the electric power supply, including:

» Survey, investigation, design, construction, installation, operation and maintenance services, rental equipments, generation, and education, training and certification.

» Production, repairment and trading, electric power equipment.

» Production, processing, transportation and trading of natural gas.

» Production and exploitation of electrical energy from other energy sources, including; natural gas, water, geothermal, sun, wind, biomass, biogas, sea water waves, coal gasification, nuclear and cogeneration.

3. Conducting procurement of FSRT Facility, such as:» Procurement of floating storage and regasification facilities,

including not limited to gas transportation facilities and related facilities/infrastructure;

» Procurement of LNG supply sources both from domestic and overseas;

» Procurement of vessel demand and selection of transport vessels to transport LNG from loading ports whereby the LNG plant is located up to the FSRT Facility;

» Ensuring the management and maintenance of the FSRT Facility with regards to prudent principles;

» Conducting sales of regasification gas to the buyers;

» Providing storage facility services and\LNG regasification;

» Carrying out other activities supporting the Company’s operations;

» Conducting other business activities in order to develop the company’s business.





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Kegiatan Usaha yang Dijalankan Saat Ini

Pengembangan Proyek Ketenagalistrikan yang bersumber dari gas dan Energi Baru Terbarukan (EBT), seperti panas matahari, angin, dan biogas.

Produk dan/atau Jasa Dihasilkan

Hingga saat ini, produk yang dihasilkan Perseroan adalah berupa tenaga kelistrikan yang digerakkan oleh antara lain PLTGU, PLTBg, serta panas matahari, dan angin.

Current Business Activities

Electricity Project Development sourced from gas and New & Renewable Energy (NRE), such as solar, wind and biogas.

Products and/or Services Produced

Currently, products that have produced by the Company, among others the electric power which is driven by PLTGU, PLTBg, as well as solar thermal and wind turbine.

Total kapasitas PLTS Badak 4 MWpPLTS Badak total capacity 4 MWp



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Struktur OrganisasiOrganizational Structure

President Director

DirectorProjects, Operations &

Maintenance

DirectorStrategic Planning &

Business Development

Vice President Gas-Fired

IPP

Vice President

PMO

Vice President Controller

Vice President Captive

Gas-FiredPower

Vice President

Technical & Engineering

Vice President Treasury

Vice President

NRE

Manager QHSSE

Vice President Legal

Corporate Secretary

Vice President Internal Audit

Vice President

Operation & Maintenance

Vice President Human

Resources & Business

Support

DirectorFinance, HR &

Business Support

Pengisian jabatan disesuaikan dengan kebutuhan/The job's position fulfillment tailored to the needs





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Profil Dewan KomisarisBoard of Commissioners’ Profile

Warga Negara Indonesia, 55 tahun, berdomisili di Jakarta.

Dasar Pengangkatan:Menjabat sebagai Dewan Komisaris Perseroan berdasarkan Akta PKR No. 12 Tanggal 19 September 2018 di hadapan Notaris Marianne Vincentia Hamdani, S.H. dan diangkat menjadi Komisaris Utama sejak Agustus 2018.

Riwayat Pendidikan:Insinyur dari jurusan Teknik Kimia, Fakultas Teknik, Universitas Gadjah Mada (UGM), Yogyakarta (1984).

Riwayat Karier: » 2009 - 2012: Senior Manager Operation & Manufacturing,

RU VI Balongan di PT Pertamina (Persero) Direktorat Pengolahan

» 2012 - 2013: Manager Business Development di PT Pertamina (Persero) Direktorat Pengolahan

» 2013: General Manager, RU III Plaju di PT Pertamina (Persero) Direktorat Pengolahan

» 2013 - 2018: Vice President Refining Project di PT Pertamina (Persero) Direktorat Pengolahan

» 2018- sekarang: Direktur Mega Proyek Pengolahan & Petrokimia di PT Pertamina (Persero)

Rangkap jabatan:Direktur Megaproyek Pengolahan & Petrokimia di Pertamina (2018)

Hubungan Afiliasi:Tidak memiliki hubungan afiliasi baik dengan anggota Dewan Komisaris lainnya, anggota Direksi maupun dengan pemegang saham pengendali dan utama.

Indonesian citizen, 55 years old, domiciled in Jakarta.

Basis of Appointment:Appointed as Commissioner of the Company pursuant to Deed of PKR No. 12 Dated on September 19, 2018 made before the Notary of Marianne Vincentia Hamdani, S.H. and was appointed as President Commissioner since August 2018.

Educational Background:Engineer from the Department of Chemical Engineering, Faculty of Engineering, Gadjah Mada University (UGM), Yogyakarta (1984).

Career History: » 2009 - 2012: Senior Manager Operation & Manufacturing,

RU VI Balongan at PT Pertamina (Persero) Directorate of Processing

» 2012 - 2013: Business Development Manager at PT Pertamina (Persero) Directorate of Processing

» 2013: General Manager, RU III Plaju at PT Pertamina (Persero) Directorate of Processing

» 2013 - 2018: Vice President Refining Project at PT Pertamina (Persero) Directorate of Processing

» 2018- now: Director of the Mega Processing & Petrochemical Project at PT Pertamina (Persero)

Concurrent Position:Director of Megaproject Processing and Petrochemicals (2018)

Affiliated Relationship:He does not have any affiliation with other members of the Board of Commissioners, the Board of Directors, Majority or Controlling Shareholders.

Ignatius TallulembangKomisaris Utama (menjabat sejak Agustus 2018)President Commissioner (appointed since August 2018)



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Dasar Pengangkatan:Menjabat sebagai Komisaris Utama Perseroan berdasarkan Akta PKR No. 7 Tanggal 13 September 2017 di hadapan Notaris Ny. Lenny Janis, S.H. sampai dengan Agustus 2018.

Riwayat Pendidikan:Sarjana Hukum dari Fakultas Hukum, Universitas Parahyangan, Bandung (1988).

Riwayat Karier: » Pertama kalinya bergabung di PT Pertamina (Persero) (1991) » Presiden Direktur PT Nusantara Gas Company Services

di Osaka, Jepang (2007-2008) » Presiden Direktur PT Donggi-Senoro LNG (2009-2012) » Senior Vice President of Gas and Power di Direktorat Gas

PT Pertamina (Persero) (2013-2014) » Direktur Gas PT Pertamina (Persero) (2014-2018)

Rangkap Jabatan:Direktur Gas PT Pertamina (Persero) (2016-2018)

Hubungan Afiliasi:Tidak memiliki hubungan afiliasi baik dengan anggota Dewan Komisaris lainnya, anggota Direksi maupun dengan Pemegang Saham Pengendali ataupun Utama.


Basis of Appointment:Appointed as President Commissioner of the Company pursuant to Deed of PKR No. 7 Dated on September 13, 2017 made before the Notary of Ny. Lenny Janis, S.H. until August 2018.

Educational Background:Bachelor Degree from Faculty of Law, Parahyangan University (1988).

Career History: » First joined in PT Pertamina (Persero) (1991) » President Director of PT Nusantara Gas Company Services

in Osaka, Japan (2007-2008) » President Director of PT Donggi-Senoro LNG (2009-2012) » Senior Vice President of Gas and Power at the Directorate

of Gas of PT Pertamina (Persero) (2013-2014) » Director of Gas of PT Pertamina (Persero) (2014-2018)

Concurrent Position:Gas Director of PT Pertamina (Persero) (2016-2018)

Affiliated Relationship:She does not have any affiliation with other members of the Board of Commissioners, the Board of Directors, Majority or Controlling Shareholders.

Yenni AndayaniKomisaris Utama (menjabat sampai dengan Agustus 2018)President Commissioner (Appointed until August 2018)





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Dasar Pengangkatan:Menjabat sebagai Dewan Komisaris Perseroan berdasarkan Akta PKR No. 39 Tanggal 28 Febuari 2018 di hadapan Notaris Marianne Vincentia Hamdani, S.H.

Riwayat Pendidikan: » Sarjana Teknik, jurusan Teknik Pertambangan dari Universitas

Pembangunan Nasional Veteran, Yogyakarta (1992) » Master di bidang SDM dari Universitas Kejuangan 45, Jakarta

(2007) » Master di bidang Teknik, jurusan Teknik Geologi dari Fakultas

Teknik Universitas Padjadjaran, Bandung (2009)

Riwayat Karier: » 2006 - 2008: Kasi Pelayanan Usaha Panas Bumi - Direktorat

Pembinaan Pengusahaan Panas Bumi dan PAT di Direktorat Jenderal Mineral, Batu Bara, dan Panas Bumi

» 2006 - 2011: Kepala Sub-Direktorat Pelayanan Usaha Panas Bumi dan Air Tanah - Direktorat Pembinaan Pengusahaan Panas Bumi dan PAT di Direktorat Pembinaan Pengusahaan Panas Bumi dan PAT

» 2011 - 2015: Kepala Sub-Direktorat Pelayanan dan Bimbingan Usaha Panas Bumi di Sub-Direktorat Pelayanan dan Bimbingan Usaha Panas Bumi

» 2015 - 2018: Direktur Panas Bumi di Direktorat Panas Bumi

Rangkap Jabatan:2018 - sekarang: Direktur Pembinaan Pengusahaan Mineral di Direktorat Jenderal Mineral dan Batu Bara; Direktorat Pembinaan Pengusahaan Mineral

Hubungan Afiliasi:Tidak memiliki hubungan afiliasi baik dengan anggota Dewan Komisaris lainnya, anggota Direksi maupun dengan Pemegang Saham Pengendali ataupun Utama.


Basis of Appointment:Appointed as Commissioner of the Company pursuant to Deed of PKR No. 39 Dated on February 28, 2018 made before the Notary of Marianne Vincentia Hamdani, S.H.

Educational Background: » Bachelor of Engineering, majoring in Mining Engineering from

UPN Veteran, Yogyakarta (1992) » Master in HR from University of Kejuangan 45, Jakarta (2007)

» Master in Engineering, majoring in Geological Engineering from Faculty of Engineering, Padjadjaran University, Bandung (2009)

Career History: » 2006 - 2008: Head of Geothermal Business Services -

Directorate of Geothermal Business Development and PAT at the Directorate General of Mineral, Coal and Geothermal

» 2006 - 2011: Head of Sub-Directorate of Geothermal and Groundwater Business Services - Directorate of Geothermal and PAT Business Development at the Directorate of Geothermal Business Development and PAT

» 2011 - 2015: Head of Sub-Directorate of Geothermal Services and Business Guidance in the Sub-Directorate of Geothermal Services and Business Guidance

» 2015 - 2018: Director of Geothermal at the Geothermal Directorate

Concurrent Position:2018 - now: Director of Mineral Business Development at the Directorate General of Mineral and Coal; Directorate of Mineral Business Development

Affiliated Relationship:He does not have any affiliation with other members of the Board of Commissioners, the Board of Directors, Majority or Controlling Shareholders.

Yunus SaefulhakKomisaris Commissioner



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Profil DireksiBoard of Directors’ Profile


Dasar Pengangkatan:Menjabat sebagai Direktur Perseroan berdasarkan Akta Pendirian No. 17 tanggal 26 Oktober 2016, di hadapan Notaris Ny. Lenny Janis, S.H.

Riwayat Pendidikan: » Gelar Sarjana Ekonomi dari jurusan Manajemen, Fakultas

Ekonomi, Universitas Padjajaran, Bandung (1989) » Gelar Magister Manajemen, Universitas Gadjah Mada (UGM),

Yogyakarta (1999)

Riwayat Karier: » 1991-1994: AST. II LOGISTIK » 1994-1997: PWS. T/A PROG. KAP » 1997-1999: PWS. BULK & YARD » 1999-2002: DIT.P/PWS MATERIAL PROGRAM » 2002-2006: Kelompok Kerja Pengkajian & Ren Pms LNG » 2007-2008: Asisten Pemasaran Wilayah I » 2008-2009: Asisten Manajer Pemasaran Wilayah II » 2009-2010: Manager Corporate Action » 2010-2011: Business Development Manager » 2011-2013: BOD Support Manager » 2013-2015: VP Strategic Planning & Business Development

Rangkap Jabatan:Saat ini, Beliau merangkap jabatan sebagai Presiden Direktur PT Jawa Satu Power dan sebagai Komisaris Utama pada PT Jawa Satu Regas yang merupakan perusahaan afiliasi Perseroan.

Hubungan Afiliasi:Tidak memiliki hubungan afiliasi baik dengan anggota Direksi lainnya, anggota Dewan Komisaris maupun dengan Pemegang Saham Pengendali dan Utama.


Basis of Appointment:Appointed as Director of the Company pursuant to Deed of Establishment No. 17 dated on October 26, 2016, made before the Notary of Ny. Lenny Janis, S.H.

Educational Background: » Bachelor Degree in Economics majoring Management,

Padjadjaran University, Bandung (1989) » Master Degree in Management, Gadjah Mada University,

Yogyakarta (1999)

Career History: » 1991-1994: AST. II LOGISTIK » 1994-1997: PWS. T/A PROG. KAP » 1997-1999: PWS. BULK & YARD » 1999-2002: DIT.P/PWS MATERIAL PROGRAM » 2002-2006: Assessment Working Group & Ren Pms LNG » 2007-2008: Marketing Assistant of Region I » 2008-2009: Assistant Marketing Manager of Region II » 2009-2010: Manager Corporate Action » 2010-2011: Business Development Manager » 2011-2013: BOD Support Manager » 2013-2015: VP Strategic Planning & Business Development

Concurrent Position:Currently, he holds a concurrent position as President Director of PT Jawa Satu Power and as the President Commissioner of PT Jawa Satu Regas, the Company’s affiliated company.

Affiliated Relationship:He does not have any affiliation with other members of the Board of Directors, the Board of Commissioners, Majority or Controlling Shareholders.






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Dasar Pengangkatan:Menjabat sebagai Direktur Strategic Planning & Business Development berdasarkan Keputusan Pemegang Saham secara Sirkuler PT Pertamina Power Indonesia tanggal 7 Maret 2018.

Riwayat Pendidikan: » Sarjana Teknik jurusan Teknik Elektro dari Universitas

Indonesia, Depok (1990) » Master di bidang Teknik dari Universitas Indonesia, Depok (1999)

Riwayat Karier: » 1991 - 1994: Electrical Engineering Project Dept. » 1994 - 1996: Electrical Engineering Technical Dept. » 1996 - 1997: PWS. Listrik Area Offsite - TEKPEM » 1997 - 1998: PWS. Listrik Area Proc.II - TEKPEM » 1998 - 2001: Ahli Ren & Sist LIS/REL » 2001 - 2003: PUT. Planner Area-3/REN - JPK » 2003 - 2004: Kepala Rotating Equipment Area UTL-JPK » 2004 - 2006: Kepala Mekanik Area UTL - JPK » 2006 - 2007: Kepala Bagian Lindungan Lingkungan-LKKK » 2007 - 2008: OPI Coach Reliability - OPI Central » 2008 - 2010: Reliability Central OPI » 2010 - 2011: Senior Analyst Reliability Operating Sys » 2011 - 2013: Turn/Around Manager » 2013 - 2014: Coordinat or OPI » 2014 - 2015: QM & HSE Manager » 2015: Gas Commercialization Manager » 2015 - 2016: Independent Power Producer Business Mgr.

Rangkap Jabatan:Saat ini, Beliau merangkap jabatan sebagai Presiden Direktur PT Jawa Satu Regas dan sebagai Chief Operating Officer pada PT Jawa Satu Power yang merupakan perusahaan afiliasi Perseroan.

Hubungan Afiliasi:Tidak memiliki hubungan afiliasi baik dengan anggota Direksi lainnya, anggota Dewan Komisaris maupun dengan Pemegang Saham Pengendali dan Utama.


Basis of Appointment:Appointed as Director of Strategic Planning & Business Development of the Company pursuant to the Circular Shareholders’ Decree of PT Pertamina Power Indonesia dated on March 7, 2018.

Educational Background: » Bachelor of Engineering majoring in Electrical Engineering

from University of Indonesia, Depok (1990) » Master in Engineering from University of Indonesia, Depok (1999)

Career History: » 1991 - 1994: Electrical Engineering Project Dept. » 1994 - 1996: Electrical Engineering Technical Dept. » 1996 - 1997: PWS. Listrik Area Offsite - TEKPEM » 1997 - 1998: PWS. Listrik Area Proc.II - TEKPEM » 1998 - 2001: Expertise of Ren & Sist LIS/REL » 2001 - 2003: PUT. Planner Area-3/REN - JPK » 2003 - 2004: Head of Rotating Equipment Area UTL - JPK » 2004 - 2006: Head of Mechanic Area UTL - JPK » 2006 - 2007: Head of Environmental Protection Section - LKKK » 2007 - 2008: OPI Coach Reliability - OPI Central » 2008 - 2010: Reliability Central OPI » 2010 - 2011: Senior Analyst Reliability Operating Sys » 2011 - 2013: Turn/Around Manager » 2013 - 2014: Coordinator OPI » 2014 - 2015: QM & HSE Manager » 2015: Gas Commercialization Manager » 2015 - 2016: Independent Power Producer Business Mgr.

Concurrent Position:Currently, he holds a concurrent position as President Director of PT Jawa Satu Regas and as Chief Operating Officer of PT Jawa Satu Power, the Company’s affiliated company.

Affiliated Relationship:He does not have any affiliation with other members of the Board of Directors, the Board of Commissioners, Majority or Controlling Shareholders.

Indra TrighaDirektur Strategic Planning & Business Development Director of Strategic Planning & Business Development



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Profil KaryawanEmployees’ Profile

Employee Demographics

The Company always views the existence of competent and professional human resources as an important asset that able to support the Company’s performance. Therefore, the Company continues to implement HR management policies appropriately, effectively and efficiently as an integral part of the Company’s strategic plan each year.

Entering the 2nd year of its business milestones, the Company has recorded 28 employees by the end of 2018 which consisted of 24 permanent employees and 4 contract employees. The table below showed the Company’s employees composition based on the group of employment status, education level, level of position, gender, and group age:

Demografi Karyawan

Perseroan senantiasa memandang keberadaan karyawan yang kompeten dan profesional sebagai aset penting yang dapat mendukung kinerja Perseroan. Oleh karenanya, Perseroan senantiasa menerapkan kebijakan pengelolaan SDM secara tepat, efektif, dan efisien sebagai bagian yang tak terpisahkan dari rencana strategis Perseroan setiap tahunnya.

Memasuki tahun ke-2 perjalanan bisnisnya, Perseroan tercatat telah mengelola sebanyak 28 karyawan di akhir tahun 2018 yang terdiri dari 24 karyawan tetap dan 4 karyawan kontrak. Pada tabel di bawah ini dapat dilihat komposisi karyawan Perseroan berdasarkan klasifikasi status kepegawaian, level pendidikan, level jabatan, jenis kelamin, dan kelompok usia:

Komposisi Pekerja Berdasarkan Status KepegawaianEmployee Composition Based on Employment Status

20172018KeteranganDescription

14Pekerja Waktu Tertentu (PWT)Temporary Employee

2724Pekerja Waktu Tidak Tertentu (PWTT)Permanent Employee

2828TOTAL

Komposisi Pekerja Berdasarkan Level Pendidikan Employee Composition Based on Level of Education


1816S1Bachelor Degree

1012S2Master Degree

2828TOTAL





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Komposisi Pekerja Berdasarkan Level JabatanEmployee Composition Based on Career Path


12Direksi Board of Directors

34Vice President

89Manager

53Senior Officer

10Senior Engineer

10Senior Analyst

35Officer

20Junior Officer

11Engineer

22Analyst

12Secretary

2828TOTAL

Komposisi Pekerja Berdasarkan Jenis KelaminEmployee Composition Based on Gender


2322Laki-lakiMale

56PerempuanFemale

2828TOTAL

Komposisi Pekerja Berdasarkan Kelompok UsiaEmployee Composition Based on Age Group


1214>40

121031-40

44<30

2828TOTAL



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Kebijakan Pengembangan Kompetensi SDM

Perseroan secara berkesinambungan menyelenggarakan berbagai program dan kegiatan pelatihan yang terbuka untuk para pekerja dengan tetap memperhatikan kebutuhan organisasi. Perseroan menyadari bahwa untuk merealisasikan visi besar menjadi perusahaan terkemuka yang unggul di bisnis energi berbasis gas dan EBT, maka Perseroan harus mampu bersaing secara global dengan memiliki Sumber Daya Manusia (SDM) yang kompeten dan mumpuni di bidangnya.

Strategi Pengembangan SDM

Perseroan telah menetapkan sejumlah strategi pengembangan SDM yang bertujuan untuk menunjang kegiatan bisnis dan operasional Perseroan, antara lain:1. Pengendalian jumlah pekerja di lingkungan Perseroan sampai

dengan beroperasinya Proyek Jawa-1. 2. Pelaksanaan sistem kerja matriks untuk pemberdayaan SDM.

The Policy of Human Resources Competency Development

The Company continuously organizes various programs and training activities that open to every employee while taking into account the needs of the organization. The Company realizes that in order to achieve its great vision to become a leading company that excels in gas and EBT-based energy business, the Company must be able to compete globally by having competent and capable Human Resources (HR) in its field.

HR Development Strategy

The Company has established a number of HR development strategies aimed at supporting the Company’s business activities and operations, including:1. Controlling the number of workers within the Company until

the operation of Java-1 Project.2. Implementing the matrix work system for of human resources

empowerment.

Manajemen walk through proyek IPP Jawa 1, CilamayaManagement walk through Java 1 IPP project, Cilamaya





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Nama Pemegang SahamName of Shareholders

Jumlah SahamTotal Shares

Jumlah Nilai NominalTotal Nominal Value

(Rp)

PersentasePercentage

(%)

PT Pertamina (Persero) 1.547.966 1.547.966.000.000 99,999031%

PT Pertamina Pedeve Indonesia 15 15.000.000 0,000969%

TOTAL 1.547.981 1.547.981.000.000 100,000%

Merujuk pada Pernyataan Keputusan Pemegang Saham PT Pertamina Power Indonesia tentang Persetujuan Pengalihan Saham dari PT Pertamina Geothermal Energy kepada PT Pertamina Dana Ventura sebagaimana tertuang di dalam Akta No. 57 tanggal 27 Desember 2017, di hadapan Notaris Fenny Juni Aruan S.H., diperoleh persetujuan adanya pengambilalihan saham PT Pertamina Geothermal Energy di Perseroan kepada PT Pertamina Dana Ventura (sebelum berubah nama menjadi Pertamina Pedeve Indonesia). Dengan demikian, komposisi Pemegang Saham Perseroan per 31 Desember 2018 telah sesuai dengan pengungkapan yang dilakukan pada tabel di atas.

Dalam hal pengungkapan susunan Pemegang Saham, Perseroan yang saat ini masih berstatus perusahaan tertutup, maka perusahaan tidak memperjualbelikan sahamnya kepada publik.Pada Laporan Tahunan 2018 ini, Perseroan tidak menyajikan pengungkapan komposisi kepemilikan saham berdasarkan:

1. Kelompok pemegang saham masyarakat dengan kepemilikan saham masing-masing kurang dari 5%.

2. Kepemilikan institusi lokal.3. Kepemilikan institusi asing.4. Kepemilikan individu lokal.5. Kepemilikan individu asing.

According to the Shareholders’ Resolution of PT Pertamina Power Indonesia regarding the Approval of Shares Transfer from PT Pertamina Geothermal Energy to PT Pertamina Dana Ventura as stated in Deed No. 57 dated on December 27, 2017, made before the Notary of Fenny June Aruan S.H. the approval was obtained for the acquisition of PT Pertamina Geothermal Energy’s shares in the Company to PT Pertamina Dana Ventura (before changing its name to Pertamina Pedeve Indonesia). Thus, the composition of the Company’s Shareholders as of December 31, 2018 was as disclosed in the table above.

In terms of the Shareholders’ composition disclosure, due to the Company’s current status as a non-public company, so the Company doesn’t trade its shares for the public. In this 2018 Annual Report, the Company doesn’t oblige to disclose the composition of share ownership based on:

1. Share ownership by the public of less than 5%.

2. Local Institution.3. Foreign Institution.4. Local individual.5. Foreign individual.

Komposisi Pemegang SahamShareholders’ Composition

Kronologis Pencatatan SahamChronology of Stock Listing



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Informasi Mengenai Pemegang Saham UtamaInformation on Majority Shareholder

Hingga akhir 2018, entitas BUMN ternama di Indonesia yakni, PT Pertamina (Persero) atau “Pertamina” masih bertindak sebagai Pemegang Saham Utama Perseroan yang kepemilikan sahamnya atas Perseroan mencapai 99,999031%. Pertamina telah memiliki pengalaman matang selama sekitar 6 (enam) dekade di industri energi nasional. Untuk mewujudkan visi besar menjadi perusahaan energi nasional kelas dunia, Pertamina senantiasa bekerja keras membangun bangsa dengan mengukuhkan komitmen di bidang energi baru dan terbarukan serta melakukan diversifikasi usaha.

Untuk memperkuat eksistensinya di industri gas & EBT, maka pada tahun 2016 Pertamina mendirikan PT Pertamina Power Indonesia (PPI) yang berfokus pada kegiatan usaha Pembangkit Listrik Tenaga Gas (PLTG) untuk dipasok ke PLN dengan skema IPP (Independent Power Producer) ataupun CPP (Captive Power Plant). Pertamina memantapkan langkah, menyongsong tantangan yang membentang dengan penuh optimisme guna menciptakan pertumbuhan bisnis yang berkelanjutan melalui investasi dan optimalisasi bisnis agar terus tumbuh sesuai dengan harapan seluruh Pemangku Kepentingan.

By the end of 2018, a well-known SOE entity in Indonesia, PT Pertamina (Persero) or “Pertamina” was still the Company’s Majority Shareholder with 99,999031% ownership of the Company. Pertamina has had mature experience for about 6 (six) decades in the national energy industry. To realize its great vision of becoming a world-class national energy company, Pertamina always works hard to build the nation by strengthening its commitment in the area of new and renewable energy as well as diversifying its business.

To strengthen its presence in the gas & EBT industry, later in 2016, Pertamina established PT Pertamina Power Indonesia (PPI) that focuses on the business activities of Gas Power Plants (PLTG) for further supply to PLN under the IPP (Independent Power Producer) or CPP (Captive Power Plant) scheme. Pertamina solidifies its steps, facing a widen challenge optimistically to create sustainable business growth through investment and business optimization so it can continue to grow in harmony with the expectations of all Stakeholders.





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Informasi Entitas AsosiasiInformation on Associated Entities

Nama PerusahaanCompany Name

Tahun PendirianDate of Establishment

Bidang UsahaLine of Business

Kepemilikan Saham Shared Ownership(%)

StatusStatus

AlamatAddress

PT Jawa Satu Power (“JSP”)

2016 KelistrikanElectricity

40% Belum BeroperasiNot Operating

Gedung Kwartir Nasional, Lt. 6Jl. Medan Merdeka Timur No. 6, Jakarta Pusat 10110

Telp: 021-39838333

PT Jawa Satu Regas (“JSR”)

2018 Angkutan Laut Dalam Negeri untuk Barang KhususDomestic Sea Transportation for Special Items

26% Belum BeroperasiNot Operating

Wisma Nusantara Lt. 25 Jl. MH Thamrin Gondangdia, MentengJakarta PusatDKI Jakarta

Telp: 021-3815111

PT Jawa Satu Power (“JSP”)Merupakan entitas asosiasi Perseroan yang menjalankan kegiatan usaha di bidang pembangkit tenaga listrik dengan komposisi kepemilikan saham, antara lain Perseroan memiliki 40% saham JSP, Anak Perusahaan Marubeni memiliki 40%, dan Anak Perusahaan Sojitz memiliki sisanya sebesar 20%. Dalam menjalankan kegiatannya, JSP bertugas untuk mengelola Proyek Pembangkit Listrik Tenaga Gas Uap Jawa-1 (1760 MW) di Karawang.

PT Jawa Satu Regas (“JSR”)Merupakan entitas entitas asosiasi Perseroan yang menjalankan kegiatan usaha di bidang angkutan laut dalam negeri untuk barang khusus dengan komposisi kepemilikan saham, antara lain Perseroan memiliki 26% saham JSR, Anak Perusahaan Humpuss memiliki 25%, dan Anak Perusahaan Marubeni memiliki 20%, Anak Perusahaan MOL memiliki 19%, dan Anak Perusahaan Sojitz memiliki sebesar 10%. Dalam menjalankan kegiatannya, JSR bertugas untuk mengelola FSRU Proyek Pembangkit Listrik Jawa-1 (1760 MW) di Karawang.

PT Jawa Satu Power (“JSP”)It is an associate entity of the Company that runs business activities in the field of power generation with a composition of share ownership, among others the Company owned 40% of JSP shares, while the subsidiary of Marubeni owned 40%, and Subsidiary of Sojitz of 20%. In carrying out its activities, JSP assigned to manage the Java-1 Steam Power Plant Project (1760 MW) in Karawang.

PT Jawa Satu Regas (“JSR”)It is an associate entity of the Company that runs business activities in the field of domestic sea transportation for special goods with a composition of share ownership, among others the Company owned 26% of JSR shares, Subsidiary of Humpuss owned 25%, Subsidiary of Marubeni owned 20%, Subsidiary of MOL owned 19%, and Subsidiary of Sojitz of 10%. In carrying out its activities, JSR assigned to manage the FSRU Power Plant Project (1760 MW) in Karawang.

Tentang Entitas AsosiasiAbout the Associates Entities



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Lembaga Profesi dan Penunjang PerusahaanSupporting Institutions and Professionals to the Company

Kantor Akuntan Publik (KAP) Public Accountant Firm

KAP Purwantono, Sungkoro & Surja (A member of Ernst & Young Indonesia)Gedung Indonesia Stock Exchange, Tower 2, 7th FloorJl. Jendral Sudirman Kav. 52-53Jakarta 12190 – IndonesiaTel: +62 21 52895000Fax: +62 21 52894100Situs Web/Website: www.ey.com/id

Ruang Lingkup Pekerjaan:Scope of Work: Penyusunan Laporan Keuangan Tahun Buku 2018Preparation of Financial Statements for Fiscal Year 2018

Periode Penugasan:Assignment Period: Tahun Buku 1 Januari - 31 Desember 2018Fiscal Year of 1 January - 31 December 2018

Notaris Notary

Marianne Vincentia Hamdani S.H.Jl. Boulevard Raya Blok K4 No. 3 Kelapa Gading Permai Jakarta Utara 14240 Tel: 021-4523463, 4532923, 4532708 Fax: 021-45854285 Ruang Lingkup PekerjaanScope of Work: Membuat akta notaris yang berisikan seluruh Keputusan Pemegang Saham di lingkup PerseroanTo make a notarial deed containing all of the Shareholders’ Decisions in the Company

Periode Penugasan Assignment Period: Tahun Buku 2017 - sekarang2017 Fiscal Year - present

Analisis dan Pembahasan ManajemenManagement Discussion

and Analysis





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Analisis dan Pembahasan ManajemenManagement Discussion

and AnalysisPERTAMINA POWER INDONESIA




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Pada tahun ini, The Fed AS telah menaikkan suku bunganya sebanyak 4x hingga berakhir pada kisaran level 2,25%-2,5%. Selain itu, perang dagang yang semakin memanas antara AS dan Cina juga turut menyebabkan ketidakpastian arah perekonomian global yang mana hal ini telah memberikan efek domino yang menyebabkan pelemahan nilai tukar mata uang di sejumlah negara berkembang, termasuk Indonesia. Namun demikian, fundamental ekonomi dalam negeri tetap mampu membukukan kinerja yang memuaskan di sepanjang tahun ini. Hal tersebut tercermin dari rilis data laju pertumbuhan ekonomi nasional yang berhasil dibukukan sebesar 5,17% atau menguat dari tahun sebelumnya yaitu 5,07%. Selain itu, laju inflasi juga terkendali pada level 3,13% atau lebih rendah dari kisaran target yang dipatok pemerintah yakni 3,5±1%. Sementara dari sisi APBN 2018, terlihat bahwa pendapatan negara berhasil terealisasi hingga 102,5% terhadap target dan defisit anggaran menurun signifikan menjadi hanya sebesar 1,76%. Kemudian dari sisi moneter, pada tahun ini Bank Indonesia terpantau sudah memberikan respons kebijakan yang tepat dalam mengantisipasi langkah kenaikan suku bunga The Fed AS sehingga para investor dan pelaku bisnis memiliki ruang untuk mengambil sejumlah langkah antisipasi ataupun mitigasi risiko dalam menjalankan aktivitas bisnisnya.

In this year, the US Fed has raised its interest rates as much as 4x so it has ended up in the range of 2.25%-2.5%. In addition, the trade war between the US and China also caused the uncertainty of global economy’s direction, which has brought a domino effect that led to a weakening of currency exchange rates in several developing countries, including Indonesia. However, domestic economic fundamentals were managed to record satisfactory performance throughout the year. This was reflected through the data release of national economic growth rate which was recorded at 5.17% or increased from the previous year at 5.07%. In addition, the inflation rate was also controlled at 3.13% or lower than the target set by the government at 3.5±1%. Meanwhile in terms of 2018 State Budget, it can be seen that state revenues have been realized up to 102.5% of the target and the budget deficit has decreased significantly to only 1.76%. On the monetary side, in this year, Bank Indonesia has given an appropriate policy response as an anticipation step towards the US Fed’s interest rate hike so every investors and businessman always have a room to take a number of steps to anticipate or to mitigate risks while performing their business activities.

Tinjauan MakroekonomiMacroeconomic Review

Tahun 2018 masih menjadi tahun yang penuh tantangan bagi iklim bisnis dan investasi global dipicu oleh kebijakan kenaikan suku bunga The Fed AS yang masih terus berlanjut hingga akhir tahun 2018.

2018 was a challenging year for our global business and investment climate triggered by The US Fed's interest rate hike policy that predicted to continue until the end of 2018.





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In this following table, it can be seen a summary of the Company’s projects that have been running or still under the development as of December 31, 2018:

Tinjauan OperasionalOperational Review

Gas

Wind Energy

Solar PV

Biomass

Biogas

Beroperasi

On Going

Development

Keterangan:Legend:

Pada tabel berikut dapat dilihat ringkasan proyek Perseroan yang telah berjalan atau sedang dalam tahap pengembangan per 31 Desember 2018:

No. Jenis UsahaBusiness Type

Nama ProyekProject Name

Unit Status PentingHighlight Status

1 Gas Integrated IPP Jawa-1 1760 MW IMB, IPPT

IPP Bangladesh 1200 MW NOC dari Petrobangla NOC from Petrobangla

IPP Jambi Merang 275 MW Dalam tahap pengembangan Pre-FSIn the Pre-FS development stage

IPP Bali 1200 MW MoU Signing, Draft TOR, FS Consultant

PLTG O&M (Kasim) TBA Draft KB telah dikirimkan kepada RU VII & telah didapatkan 3 calon kandidat vendor gas engine The KB draft already sent to RU VII & have obtained 3 potential gas engine vendors

2 Renewable Energy

PLTS Badak 1 MW Uji Tera alat ukur transaksi kWh meter telah dilakukan pada 15 Januari 2019 dan akan dilakukan pemasangan kembali pada 22 Januari 2019The Tera Test measuring instrument for the kWh meter transaction has been carried out on January 15, 2019 and will be reassembled on January 22, 2019

PLTS Badak 3 MW Dalam proses penyelesaian SLO & SIO terbit untuk kelengkapan BA COD dengan PTB. In the process of completing SLO & SIO issued for the completeness of BA COD with PTB.

PLTBg Sei Mangkei

2.4 MW Proses review dokumen Engineering, melanjutkan proses PO dan pekerjaan Site clearing & ExcavationThe process of reviewing Engineering documents, continuing the PO process and Site clearing & Excavation

PLTS Cilacap 2.4 MW Proses Aanwijzing calon EPC kontraktor pada tahapan proses tenderThe Aanwijzing process of prospective EPC contractors at the tender process phase

BTP PLTS RU II Dumai

4 MW Menunggu konfirmasi terkait Draft KB yang telah dikirimkan kepada SVP Direktur Pengolahan RU II DumaiWaiting for the confirmation relating to KB Draft that sent to SVP Director of Processing RU II Dumai

PLTS Sei Mangkei 5 MW Telah dilakukan proses klarifikasi pengadaan jasa konsultan FSHas made the process of clarifying the procurement of FS consulting services

Wind Energy 260 MW Site visit Wind Energy ke SukabumiSite visit of Wind Energy to Sukabumi

3 New Energy EV Battery & Charging Station

500 Ea Menentukan konsep awal skema bisnis guna melakukan study pada proyek EV di BaliDetermine the initial concept of a business scheme to conduct studies on EV projects in Bali

Power to X TBA Dalam tahap internal desktop study Still in the internal phase of a desktop study



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Proyek Beroperasi

• PLTS Badak 1 MWSalah satu proyek Perseroan yang bertujuan untuk menyuplai kebutuhan tambahan listrik sebesar 1 MW di daerah PT Badak NGL. Selain itu, proyek ini juga berperan dalam mendukung program pengembangan kapasitas Pembangkit Listrik Tenaga Surya (PLTS) di lingkungan Pertamina yang tersebar di seluruh Indonesia. Spesifikasi umum proyek, antara lain:• Type of plant: Ground Mounted Solar PV• Kapasitas: 1 MWp• Skema Bisnis: Sewa• Jangka waktu proyek: 25 tahun• COD: 13 September 2018

Proyek On-Going

1. Proyek IPP Jawa-1Merupakan proyek Perseroan yang bertujuan untuk menyuplai kebutuhan listrik sebesar 1.760 MW di sistem pembangkitan Jawa-Bali. Merupakan proyek pembangkit terintegrasi kedua di dunia, pertama di Asia, yang menggabungkan FSRU dengan Power Plant, dan sekaligus PLTGU (CCGT: Combined-Cycle Gas Turbine) terbesar se-Asia Tenggara, dengan nilai investasi sebesar USD1,7 miliar. Spesifikasi umum proyek, antara lain:• Kapasitas IPP: 1.760 MW• Kapasitas FSRU: 170.000 m3

• Panjang Saluran Udara Tegangan Extra Tinggi: 50 km• Skema Bisnis: BOOT (Build, Own, Operate, Transfer)• Jangka waktu proyek: 25 tahun• COD: September 2021

2. PLTS Badak 3 MWSalah satu proyek Perseroan yang bertujuan untuk menyuplai kebutuhan tambahan listrik sebesar 3 MW di daerah PT Badak NGL. Selain itu, proyek ini juga berperan dalam mendukung program pengembangan kapasitas Pembangkit Listrik Tenaga Surya (PLTS) di lingkungan Pertamina yang tersebar di seluruh Indonesia. Spesifikasi umum proyek, antara lain:• Type of plant: Ground Mounted Solar PV• Kapasitas: 3 MWp• Skema Bisnis: Sewa• Jangka waktu proyek: 25 tahun• COD: 2019

3. PLTBg Sei Mangkei 1,6 MWSalah satu proyek Perseroan yang bertujuan untuk memaksimalkan penyediaan energi di kawasan penghasil Energi Baru Terbarukan (EBT) sejalan dengan upaya mendukung program pemerintah dalam pengembangan EBT sekaligus mengembangkan Kawasan Ekonomi Khusus. Spesifikasi umum proyek, antara lain:• Type of plant: Biogas• Kapasitas: 1,6 MW• Skema Bisnis: BOOT (Build, Own, Operate, Transfer)• Jangka waktu pembangunan: 12 bulan• COD: Desember 2019

Operating Projects

• PLTS Badak 1 MWIt is one of the Company’s projects aiming to supply the additional electricity needs of 1 MW in the area of PT Badak NGL. In addition, this project also has a role in supporting the capacity building program of the Solar Power Plant (PLTS) in Pertamina’s environment that scattered throughout Indonesia. General project specifications, among others:• Type of plant: Ground Mounted Solar PV• Capacity: 1 MWp• Business Scheme: Rent• Project period: 25 years • COD: September 13, 2018

On-Going Projects

1. IPP Java-1 Project It is one of the Company’s projects aiming to supply 1,760 MW of electricity in Java-Bali generation system. It is the second integrated power plant project in the world, the first one in Asia, which combines FSRU with Power Plant, and also the largest PLTGU (Combi-Cycle Gas Turbine) in Southeast Asia, with an investment of USD1.7 billion. General project specifications, among others:

• IPP Capacity: 1,760 MW• FSRU Capacity: 170,000 m3

• Extra High Voltage Air Channel Length: 50 km• Business Scheme: BOOT (Build, Own, Operate, Transfer)• Project period: 25 years• COD: September 2021

2. PLTS Badak 3 MWIt is one of the Company’s projects aiming to supply the additional electricity needs of 3 MW in the area of PT Badak NGL. In addition, this project also has a role in supporting the capacity building program of the Solar Power Plant (PLTS) in Pertamina’s environment that scattered throughout Indonesia. General project specifications, among others:• Type of plant: Ground Mounted Solar PV• Capacity: 3 MWp• Business Scheme: Rent• Project period: 25 years • COD: 2019

3. PLTBg Sei Mangkei 1,6 MWIt is one of the Company’s projects aiming to maximize the supply of energy in the producing area of New Renewable Energy (NRE) that aligned with the government’s efforts in supporting the development of NRE as well as the Special Economic Zones. General project specifications, among others:• Type of plant: Biogas• Capacity: 1.6 MW • Business Scheme: BOOT (Build, Own, Operate, Transfer)• Construction period: 12 months• COD: December 2019





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Proyek Masih Dalam Tahap Pengembangan

1. IPP BangladeshSalah satu proyek Perseroan yang bertujuan untuk memasok kebutuhan listrik di Bangladesh. Spesifikasi umum proyek, antara lain:• Type of plant: Combine Cycle Gas Turbine (CCGT) & FSRU• Kapasitas: CCGT 1200 MWp• Skema Bisnis: BOOT (Build, Own, Operate, Transfer)• Jangka waktu pembangunan: 42 bulan• COD: Maret 2024

2. IPP BaliSalah satu proyek Perseroan yang bertujuan untuk memasok kebutuhan listrik di Bali. Spesifikasi umum proyek, antara lain:• Type of plant: CCGT & FSRU• Kapasitas: 1200 MW• Jangka waktu proyek: 36 bulan • COD: Juni 2024

3. IPP Wellhead JambiSalah satu proyek Perseroan yang bertujuan untuk memasok kebutuhan listrik di Jambi. Spesifikasi umum proyek, antara lain:• Type of plant: CCGT• Kapasitas: 275 MW• Skema Bisnis: Jual beli listrik• Jangka waktu proyek: 27 bulan • COD: Maret 2023

4. O&M PLTBg Kwala Sawit dan Pagar MerbauSalah satu proyek Perseroan yang bertujuan mengoperasikan dan merawat fasilitas Pembangkit Listrik Tenaga Biogas (PLTBg) milik PTPN II. Spesifikasi umum proyek, antara lain:• Type of plant: O&M PLTBg• Kapasitas: 1,8 MWp• Skema Bisnis: O&M• Jangka waktu proyek: Per 5 tahun • COD: Juni 2019

5. Commercial Pilot EV – BaliSalah satu proyek Perseroan yang bertujuan untuk mendorong teknologi listrik sebagai bahan bakar kendaraan roda dua yang ramah lingkungan di Bali. Spesifikasi umum proyek, antara lain:• Type of plant: Battery & Charging Station• Kapasitas: 500 unit EV - 2W, 2.000 Pcs Battery @1,3 kWh• COD: 2020/2021

6. PLTS RU IV CilacapSalah satu proyek Perseroan yang bertujuan untuk memasok kelistrikan bagi wilayah residensial Unit Pengolahan IV Pertamina di Cilacap. Spesifikasi umum proyek, antara lain:• Type of plant: Rooftop Solar PV• Kapasitas: 2,4 MWp• Skema Bisnis: Jual beli listrik• Jangka waktu pembangunan: 6 bulan • COD: Desember 2019

Under Development Projects

1. IPP BangladeshIt is one of the Company’s projects aiming to supply electricity in Bangladesh. General project specifications, among others:

• Type of plant: Combine Cycle Gas Turbine (CCGT) & FSRU• Capacity: CCGT 1200 MWp• Business Scheme: BOOT (Build, Own, Operate, Transfer)• Construction period: 42 months• COD: March 2024

2. IPP BaliIt is one of the Company’s projects aiming to supply electricity in Bali. General project specifications, among others:• Type of plant: CCGT & FSRU• Capacity: 1200 MW• Project period: 36 months• COD: June 2024

3. IPP Wellhead JambiIt is one of the Company’s projects aiming to supply electricity in Jambi. General project specifications, among others:• Type of plant: CCGT• Capacity: 275 MW• Business Scheme: Electricity trading• Project period: 27 months • COD: March 2023

4. O&M PLTBg Kwala Sawit and Pagar MerbauIt is one of the Company’s projects aiming to operate and to maintain Biogas Power Plant facilities owned by PTPN II. General project specifications, among others:• Type of plant: O&M PLTBg• Capacity: 1.8 MWp• Business Scheme: O&M• Project period: Every 5 years • COD: June 2019

5. Commercial Pilot EV – BaliIt is one of the Company’s projects aiming to encourage electrical technology as an environmentally friendly two-wheeled fuel in Bali. General project specifications, among others:

• Type of plant: Battery & Charging Station• Capacity: 500 unit EV • 2W, 2,000 Pcs Battery @1.3 kWh• COD: 2020/2021

6. PLTS RU IV CilacapIt is one of the Company’s projects aiming to to supply electricity for the residential area of Pertamina IV Processing Unit in Cilacap. General project specifications, among others:• Type of plant: Rooftop Solar PV• Capacity: 2.4 MWp• Business Scheme: Electricity trading• Construction period: 6 months • COD: December 2019



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7. PLTS BTP RU II DumaiSalah satu proyek Perseroan yang bertujuan untuk memasok kelistrikan bagi wilayah residensial Unit Pengolahan II Pertamina di Dumai. Spesifikasi umum proyek, antara lain:• Type of plant: Rooftop Solar PV• Kapasitas: 4 MWp• Skema Bisnis: Jual beli listrik• Jangka waktu proyek: 8 bulan• COD: Februari 2020

8. Wind TurbineSalah satu proyek Perseroan yang bertujuan mengembangkan energi baru terbarukan dalam bentuk energi angin sebagai bahan baku penggerak pembangkit listrik. Spesifikasi umum proyek, antara lain:• Type of plant: Wind Turbine• Kapasitas: 205 MW (Total semua lokasi)• COD: November 2020

9. PLTBg PTPN XIII PontianakSalah satu proyek Perseroan yang bertujuan untuk memasok kebutuhan listrik di wilayah sekitar PTPN XIII Pontianak dengan menggunakan Pembangkit Listrik Tenaga Biogas. Spesifikasi umum proyek, antara lain:• Type of plant: EPC PLTBg • Kapasitas: 4 MWp• Skema Bisnis: Jual beli listrik• Jangka waktu proyek: 12 bulan• COD: Desember 2020

10. Gas Engine Generator RU VII Kasim Salah satu proyek Perseroan yang bertujuan untuk memasok kebutuhan listrik guna memenuhi kebutuhan residensial area Unit Pengolahan VII di Kasim Papua. Spesifikasi umum proyek, antara lain:• Type of plant: Gas Engine Generator• Skema Bisnis: Jual beli listrik• Jangka waktu pembangunan: 12 bulan • COD: Desember 2021

11. Power to X Oil Field - Sei Rokan (PLTS & Battery)Salah satu proyek Perseroan yang bertujuan untuk digunakan di sektor lain. Spesifikasi umum proyek, antara lain:• Type of plant: Electrical Steam Generator• Kapasitas: 11 MW, Battery 40 MWh• Jangka waktu pembangunan: 24 bulan• COD: 2022

7. PLTS BTP RU II DumaiIt is one of the Company’s projects aiming to supply electricity the residential area of Pertamina II Processing Unit in Dumai. General project specifications, among others:• Type of plant: Rooftop Solar PV• Capacity: 4 MWp• Business Scheme: Electricity trading• Project period: 8 months• COD: February 2020

8. Wind TurbineIt is one of the Company’s projects aiming to develop new renewable energy in the form of wind energy as a raw material in driving electric power plants. General project specifications, among others:• Type of plant: Wind Turbine• Capacity: 205 MW (Total of all locations)• COD: November 2020

9. PLTBg PTPN XIII PontianakIt is one of the Company’s projects aiming to supply electricity in the area of PTPN XIII Pontianak by using the Biogas Power Plant. General project specifications, among others:

• Type of plant: EPC PLTBg • Capacity: 4 MWp• Business Scheme: Electricity trading• Project period: 12 months • COD: December 2020

10. Gas Engine Generator RU VII Kasim It is one of the Company’s projects aiming to supply electricity in order to fulfill the needs of residential areas of the VII Processing Unit at Kasim Papua. General project specifications, among others:• Type of plant: Gas Engine Generator• Business Scheme: Electricity trading• Construction period: 12 months • COD: December 2021

11. Power to X Oil Field - Sei Rokan (PLTS & Battery)Electric conversion technology for use in other sectors. General project specifications, among others:• Type of plant: Electrical Steam Generator• Capacity: 11 MW, Battery 40 MWh• Construction period: 24 months • COD: 2022





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Perilaku KonsumenSecara umum, konsumen Perseroan adalah badan usaha yang kegiatan bisnisnya sangat tergantung pada energi listrik yang handal dan ekonomis.

Selain itu, konsumen Perseroan merupakan badan usaha yang berkategori besar dan memiliki komitmen jangka panjang dalam melakukan bisnis.

Consumer BehaviorIn general, the Company’s consumer is a business entity whose business activities are highly dependent on a reliable and economical electrical energy.

In addition, the Company’s consumer is a big business entity category and has a long-term commitment to do business.

BUMN/SOE

Pertamina Group (in-house)

Refinery UnitPT Pertamina (Persero)

Overseas

PLN PTPN II PTPN III PTPN XIII

BPDB

Potential Undisclosed Partners

Pangsa PasarMarket Share



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Infomasi Material Mengenai Investasi, Ekspansi, Divestasi, Penggabungan/Peleburan Usaha, Akuisisi, Restrukturisasi Utang/ModalMaterial Information About Investment, Expansion, Divestment, Merger, Acquisition or Debt/Capital Restructuring

Perubahan Kebijakan Akuntansi Tahun 2018 Changes to Accounting Policies in 2018

Pada tahun 2018, tidak terdapat informasi material mengenai investasi, ekspansi, divestasi, penggabungan/peleburan usaha, akuisisi, maupun restrukturisasi utang/modal.

In 2018, there was no material information regarding investment, expansion, divestment, business merger, acquisition, or debt/capital restructuring.

In 2018, the Company did not record any changes in accounting policies that apply to the Company’s financial reporting. However, there was an implementation of PSAK 30 concerning leases relating to PLTS 1 MW investment which was recorded as a Financial Lease.

Pada tahun 2018, Perseroan tidak mencatat adanya perubahan kebijakan akuntansi yang berlaku terhadap pelaporan keuangan Perseroan. Namun demikian, terdapat implementasi PSAK 30 tentang sewa berkaitan dengan Investasi PLTS 1 MW yang dibukukan sebagai Financial Lease.





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LAPORAN TAHUNANA N N U A L R E P O R T 2018PERTAMINA POWER INDONESIALAPORAN TAHUNANA N N U A L R E P O R T 2018

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Oleh karenanya, sebagai bagian dari Pertamina Group, Perseroan berkomitmen untuk selalu menjalankan seluruh kegiatan operasional bisnisnya dengan berlandaskan pada prinsip-prinsip GCG guna melindungi kepentingan Pemegang Saham dan Pemangku Kepentingan lainnya, serta untuk menjaga keberlangsungan bisnis usaha Perseroan di masa depan. Adapun 5 (lima) prinsip umum GCG yang telah diinternalisasi Perseroan, antara lain:

1. Transparansi

Prinsip GCG yang mengedepankan keterbukaan informasi baik dalam hal proses pengambilan keputusan maupun pengungkapan informasi material yang relevan, akurat, dan tepat waktu guna menjamin pemenuhan hak seluruh Pemangku Kepentingan Perseroan.

2. Akuntabilitas

Prinsip GCG yang mengedepankan kejelasan fungsi, struktur, sistem, dan tanggung jawab dari masing-masing organ Perseroan sehingga seluruh kegiatan bisnis dan operasional Perseroan dapat berjalan efektif dan efisien.

Therefore, as part of Pertamina Group, the Company is committed to always running all of its business operations based on the GCG principles in order to protect the interests of Shareholders and other Stakeholders, as well as to maintain the Company’s business continuity in the future. Here are 5 (five) general principles of GCG that has internalized by the Company, among others:

1. Transparency

One of the GCG principles that prioritizes information disclosure both in terms of decision-making processes and the disclosure of relevant, accurate, and timely material information to ensure the fulfillment of all Stakeholders’ rights of the Company.

2. Accountability

One of the GCG principles that emphasize the clarity of functions, structures, systems, and responsibilities of the Company’s organs so all of the Company’s business and operational activities can run effectively and efficiently.

Latar BelakangIntroduction

Perseroan senantiasa memandang bahwa penerapan kebijakan Tata Kelola Perusahaan (Good Corporate Governance/”GCG”) yang efektif dan efisien dapat berdampak positif terhadap kinerja Perseroan.

The Company views that the implementation of an effective and efficient Good Corporate Governance (GCG) policies may bring a positive impact on the Company’s performance.





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3. Tanggung Jawab

Prinsip GCG yang mewajibkan Perseroan untuk senantiasa patuh dan tunduk terhadap peraturan perundang-undangan yang berlaku dalam menjalankan aktivitas bisnis dan operasionalnya sehari-hari.

4. Independensi

Prinsip GCG yang mengutamakan pelaksanaan tugas, kewajiban serta wewenang dari masing-masing organ Perseroan tanpa adanya intervensi dari pihak lain agar tidak terjadi benturan kepentingan.

5. Kewajaran

Prinsip GCG yang senantiasa menjunjung tinggi nilai-nilai kesetaraan dan melindungi kepentingan Pemegang Saham dan Pemangku Kepentingan lainnya serta dalam memperlakukan karyawan tanpa memandang suku, agama, ras, usia, dan jenis kelamin.

Struktur GCGGCG Structure

Sebagaimana diatur dalam Anggaran Dasar Perseroan, adapun struktur GCG Perseroan, terdiri dari Rapat Umum Pemegang Saham (RUPS), Dewan Komisaris dan Direksi.

As stipulated in the Company’s Articles of Association, the Company’s GCG structure consists of the General Meeting of Shareholders (GMS), the Board of Commissioners and the Board of Directors.

3. Responsibility

One of the GCG principles that require the Company to always comply with the applicable laws and regulations in carrying out its daily business and operational activities.

4. Independence

One of the GCG principles that prioritize the implementation of duties, obligations, and authority of each of the Company’s organs without any intervention from other parties to prevent conflict of interest.

5. Fairness

One of the GCG principles that always upholds the values of equality and protects the interests of Shareholders as well as other Stakeholders and in treating its employees regardless of their ethnicity, religion, race, age, and gender.



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Rapat Umum Pemegang Saham (RUPS)General Meeting of Shareholders (GMS)

Dalam struktur GCG Perseroan, Rapat Umum Pemegang Saham (RUPS) merupakan organ tertinggi yang berfungsi sebagai forum bagi para Pemegang Saham untuk mengetahui perkembangan bisnis dan pengelolaan Perseroan yang dijalankan oleh Direksi, serta sebagai satu-satunya wadah bagi para Pemegang Saham untuk mengambil keputusan penting yang berkaitan dengan kegiatan pengurusan Perseroan. Pada prinsipnya, RUPS memiliki kewenangan eksklusif yang tidak diberikan baik kepada Dewan Komisaris maupun Direksi sejauh yang ditentukan dalam perundang-undangan dan Anggaran Dasar Perusahaan.

Pada tahun 2018, Perseroan telah menyelenggarakan RUPS Tahunan untuk tahun buku 2017 pada tanggal 14 Mei 2018 bertempat di kantor Perseroan, Gedung Wisma Nusantara Lantai 25, Jl. MH Thamrin Kav. 59, Jakarta Pusat. Adapun kegiatan RUPS tersebut dihadiri oleh jajaran Dewan Komisaris, Direksi serta wakil Pemegang Saham Perseroan dengan agenda antara lain:

1. Penyampaian Laporan Tahunan Tahun Buku 2017.

2. Persetujuan Laporan Tahunan termasuk Pengesahan Laporan Keuangan Perseroan disertai Pemberian Pelunasan dan Pembebasan dan Tanggung Jawab Sepenuhnya (volledig acquit et de carge) kepada Direksi dan Dewan Komisaris.

3. Pengusulan penunjukan Kantor Akuntan Publik (KAP) untuk Tahun Buku 2018.

In the Company’s GCG structure, General Meeting of Shareholders (GMS) is the highest organ which functions as a forum for Shareholders to know the business development and management of the Company that run by the Board of Directors, as well as the only forum for Shareholders to take important decisions related to the Company’s management. In principle, the GMS has an exclusive authority that not given to the Board of Commissioners or the Board of Directors to the extent specified in the legislation and the Articles of Association of the Company.

In 2018, the Company has held an Annual GMS for the 2017 financial year on May 14 2018 at the Company’s office, Wisma Nusantara Building, 25th Floor, Jl. MH Thamrin Kav. 59, Central Jakarta. The GMS activities were attended by the Board of Commissioners, Board of Directors and representatives of the Company’s Shareholders with an agenda including:

1. Submitted the Annual Report for 2017 Book Year.

2. Gave approval of the Annual Report including Ratification of the Company's Financial Statements as well as granted a release of all responsibilities (vollediq acquit et de charge) of the Board of Directors and the Board of Commissioners.

3. Proposed the appointment of Public Accounting Firm (KAP) for 2018 Book Year.





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Perseroan memiliki organ Dewan Komisaris yang bertugas dan bertanggung jawab secara kolektif untuk menjalankan fungsi pengawasan terhadap pelaksanaan kegiatan pengurusan yang dijalankan oleh Direksi, serta berperan dalam memberikan nasihat atau arahan kepada Direksi terkait pengelolaan Perseroan. Dalam menjalankan fungsi pengawasannya, Dewan Komisaris senantiasa menjalankan tugas dan tanggung jawabnya secara profesional dan independen dengan tetap memperhatikan kepentingan para Pemegang Saham serta Pemangku Kepentingan lainnya.

Masa Jabatan dan Komposisi Dewan Komisaris

Dewan Komisaris Perseroan diangkat dan diberhentikan melalui RUPS di mana setiap anggota Dewan Komisaris diangkat untuk masa jabatan 3 (tiga) tahun sejak tanggal pengangkatannya dengan tidak mengurangi hak dan kewenangan RUPS untuk dapat memberhentikan anggota Dewan Komisaris sewaktu-waktu sebelum masa jabatannya berakhir. Berikut adalah komposisi Dewan Komisaris Perseroan per tanggal 31 Desember 2018:

No. NamaName

JabatanPosition

Dasar PenunjukkanBasis for Appointment

Periode MenjabatTerm of Office

1 Ignatius Tallulembang Komisaris UtamaPresident Commissioner

Akta PKR No. 12 Tanggal 19 September 2018 di hadapan Notaris Marianne V. Hamdani S.H.The Deed of PKR No. 12, dated September 19, 2018 before a Notary Marianne V. Hamdani S.H.

Sejak 31 Agustus 2018Since August 31, 2018

2 Yunus Saefulhak KomisarisCommissioner

Akta PKR No. 39 Tanggal 28 Februari 2018 di hadapan Notaris Marianne V. Hamdani S.H.The Deed of PKR No. 39, dated February 28, 2018 before a Notary Marianne V. Hamdani S.H.

Sejak 31 Januari 2018 Since January 31, 2018

Profil lengkap Dewan Komisaris Perseroan dapat dilihat pada Bab Profil Perusahaan, sub-bab Profil Dewan Komisaris di halaman 33-35.

Tugas dan Tanggung Jawab Dewan Komisaris

Sebagaimana ditetapkan di dalam Akta Pendirian PT Pertamina Power Indonesia No. 17 tanggal 26 Oktober 2017, berikut adalah sejumlah tugas dan wewenang yang harus dijalankan oleh Dewan Komisaris Perseroan, antara lain:

1. Dewan Komisaris bertugas melakukan pengawasan terhadap kebijakan pengurusan, jalannya pengurusan pada umumnya baik mengenai Perseroan maupun usaha Perseroan yang

The Company has the Board of Commissioners that collectively responsible to carry out their supervisory function upon the implementation of management activities that carried out by the Board of Directors, as well as play a role in providing advice or direction to the Board of Directors regarding the Company’s management. In carrying out its supervisory function, the Board of Commissioners always carries out its duties and responsibilities professionally and independently while taking into account the interests of the Shareholders and other Stakeholders.

Term of Office and Composition of the Board Commissioners

The Board of Commissioners of the Company is appointed and dismissed through a GMS where every member of the Board of Commissioners is appointed for a term of 3 (three) years since the date of appointment without prejudice to the rights and authority of the GMS to dismiss members of the Board of Commissioners at any time before their term of office ends. The following was the composition of the Company’s Board of Commissioners as of December 31, 2018:

Profile of the Board of Commissioners of the Company is stated in the Chapter of Company Profile, sub-chapter of the Board of Commissioners’ Profile, on page 33-35.

Duties and Responsibilities of the Board of Commissioners

As stipulated in the Deed of Establishment of PT Pertamina Power Indonesia No. 17 dated October 26, 2017, here are a number of duties and authorities that must be performed by the Company’s Board of Commissioners, among others:

1. The Board of Commissioners is responsible to supervise the management policy, the Company's general management and the Company's business conducted

Dewan KomisarisThe Board of Commissioners



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dilakukan oleh Direksi serta memberikan nasihat kepada Direksi termasuk pengawasan terhadap pelaksanaan RJPP, RKAP, ketentuan Anggaran Dasar dan Keputusan RUPS, serta peraturan perundang-undangan yang berlaku, untuk kepentingan Perseroan dan sesuai dengan maksud dan tujuan Perseroan.

2. Dalam melaksanakan tugasnya tersebut setiap anggota Dewan Komisaris harus:a. Mematuhi Anggaran Dasar dan peraturan

perundangundangan serta prinsip-prinsip profesionalisme, efisiensi, transparansi, kemandirian, akuntabilitas, pertanggungjawaban, serta kewajaran;

b. Beritikad baik, penuh kehati-hatian dan bertanggung jawab kepada Perseroan dalam hal ini diwakili oleh RUPS dalam menjalankan tugas pengawasan dan pemberian nasihat kepada Direksi untuk kepentingan Perseroan dan sesuai dengan maksud dan tujuan Perseroan;

c. Dilarang melakukan transaksi yang mempunyai benturan kepentingan dan mengambil kepentingan Perseroan selain honorarium dan fasilitas yang ditentukan oleh RUPS.

3. Dalam melaksanakan tugas sebagaimana dimaksud pada ayat 1 pasal ini, Dewan Komisaris berwenang untuk: a. Melihat buku-buku, surat-surat, serta dokumen-dokumen

lainnya, memeriksa kas, surat berharga lainnya dan kekayaan Perseroan untuk keperluan verifikasi;

b. Memasuki pekarangan, gedung, dan kantor yang dipergunakan oleh Perseroan;

c. Meminta penjelasan dari Direksi dan/atau pejabat lainnya mengenai segala persoalan yang menyangkut pengelolaan Perseroan;

d. Mengetahui segala kebijakan dan tindakan yang telah dan akan dijalankan oleh Direksi;

e. Meminta Direksi dan/atau pejabat lainnya di bawah Direksi dengan sepengetahuan Direksi untuk menghadiri rapat Dewan Komisaris;

f. Mengangkat sekretaris Dewan Komisaris, jika dianggap perlu;

g. Memberhentikan sementara anggota Direksi sesuai dengan ketentuan Undang-Undang Perseroan Terbatas;

h. Membentuk komite-komite lain selain Komite Audit, jika dianggap perlu dengan memperhatikan kemampuan Perseroan;

i. Menggunakan tenaga ahli untuk hal tertentu dan dalam jangka waktu tertentu atas beban Perseroan, jika dianggap perlu;

j. Melakukan tindakan pengurusan Perseroan dalam keadaan tertentu untuk jangka waktu tertentu sesuai dengan ketentuan Anggaran Dasar ini;

k. Menghadiri rapat Direksi dan memberikan pandangan terhadap hal-hal yang dibicarakan; dan

l. Melaksanakan kewenangan pengawasan lainnya sepanjang tidak bertentangan dengan peraturan perundang-undangan, Anggaran Dasar, dan/atau keputusan RUPS.

by the Board of Directors as well as to give advice to the Board of Directors including supervision on the implementation of Company’s Long-Term Plan, Working and Budget Plan, the provisions of the Articles of Association and Resolution of the General Meeting of Shareholders, and the prevailing laws and regulations, for the Company's benefit and in accordance with the Company’s purposes and objectives.

2. In performing its duties, each member of the Board of Commissioners must be:a. Comply to the Articles of Association and the laws and

regulations as well as the principles of professionalism, efficiency, transparency, independence, accountability, accountability, and fairness;

b. Well-intention, prudent, and accountable to the Company which is represented by the GMS in carrying out supervisory and advisory functions to the Board of Directors for the Company's benefit and in accordance with the Company’s purposes and objectives;

c. It is prohibited to conduct transactions with conflict of interest and take the Company's benefit excluding the honorarium and facilities determined by the GMS.

3. In performing the duties stated on paragraph 1 of this article, the Board of Commissioners is authorized to: a. Look at books, letters, and other documents, as well as

check cash, other securities, and the Company's wealth for the purpose of verification;

b. Enter the yard, building, and office used by the Company;

c. Request an explanation from the Board of Directors and/or other officials regarding any issues related to the management of the Company;

d. Know all policies and actions that have been and will be carried out by the Board of Directors;

e. Request Directors and/or other officials under the Board of Directors by informing the Board of Directors to attend the Board of Commissioners' meeting;

f. Appoint the secretary of the Board of Commissioners, if deemed necessary;

g. Temporarily suspend the members of the Board of Directors based on the provisions of Limited Liability Company Law;

h. Establish committees other than the Audit Committee, if deemed necessary by overseeing the ability of the Company;

i. Using experts for certain things and within a certain period of time at upon Company’s expense, if deemed necessary;

j. Carry out the Company's management actions in certain circumstances for a certain period of time in accordance with the provisions of this Articles of Association;

k. Attend the Board of Directors' meetings and provide views on matters discussed; and

l. Carry out other supervisory functions which are not conflicting to laws and regulations, Articles of Association, and/or resolutions of the GMS.





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Rapat Dewan Komisaris

Mengacu pada ketentuan Anggaran Dasar Perseroan, penyelenggaraan rapat Dewan Komisaris secara rutin dilakukan setidaknya 1 (satu) kali setiap bulan sebagai bentuk pelaksanaan atas fungsi pengawasan Dewan Komisaris terhadap pengurusan perusahaan yang dijalankan oleh Direksi. Sepanjang tahun 2018, Dewan Komisaris telah menyelenggarakan 2 (dua) kali rapat Dewan Komisaris sebagaimana tersaji pada tabel berikut ini:

NamaName

JabatanPosition

Jumlah PertemuanNumber of Meetings

KehadiranAttendance

Tingkat Kehadiran (%)Level of Attendance (%)

Yenni Andayani Komisaris UtamaPresident Commissioner

2 2 100%

Yunus Saefulhak Komisaris/Commissioner 2 2 100%

Agenda Rapat Dewan Komisaris

Tanggal RapatDate of Meeting

Pembahasan RapatMeeting Discussion

28 Februari/February 2018 • Perkenalan anggota Dewan Komisaris baru • Orientasi Tugas dan Tanggung Jawab Dewan

Komisaris

• Introduction of new members of the Board of Commissioners

• Orientation of Duties and Responsibilities of the Board of Commissioners

29 Juni/June 2018 RKAP 2018 Revisi dan RKAP 2019 Revision of RKAP 2018 and RKAP 2019

Rapat Gabungan Dewan Komisaris dan Direksi

Di samping rutin mengadakan rapat internal, Dewan Komisaris juga secara aktif menyelenggarakan rapat dengan kehadiran Direksi. Sepanjang tahun 2018, forum rapat yang dihadiri Dewan Komisaris dan Direksi telah dilakukan sebanyak 8 (delapan) kali sebagaimana dapat dilihat pada tabel di bawah ini:

NamaName

JabatanPosition

Jumlah PertemuanNumber of Meetings

KehadiranAttendance

Tingkat Kehadiran (%)Level of Attendance (%)

Yenni Andayani* Komisaris UtamaPresident Commissioner

4 4 100%

Igantius Tallulembang** Komisaris UtamaPresident Commissioner

4 4 100%

Yunus Saefulhak Komisaris/Commissioner 8 8 100%Ginanjar PJ. President Director 8 8 100%Indra Trigha Direktur Strategic Planning & Business

DevelopmentDirector of Strategic Planning & Business Development

8 8 100%

Keterangan:* Beliau menjabat sebagai Komisaris Utama Perseroan pada periode Januari-Agustus 2018** Beliau menjabat sebagai Komisaris Utama Perseroan pada periode September-Desember 2018

The Board of Commissioners Meeting

According to the provisions of the Company’s Articles of Association, the implementation of Board of Commissioners meetings is routinely conducted at least once every month as a form of implementation of the supervisory function of the Board of Commissioners regarding the management of companies which is run by the Board of Directors. Throughout 2018, the Board of Commissioners has held 2 (two) times Board of Commissioners meetings as presented in the following table:

The Board of Commissioners Meeting Agenda

Joint meeting of the Board of Commissioners and the Board of DirectorsIn addition to regularly hold internal meetings, the Board of Commissioners also actively held joint meetings with the Board of Directors. Throughout 2018, meetings attended by the Board of Commissioners and the Board of Directors has conducted for 8 (eight) times as can be seen in the following table:

Description:* He served as the Company’s President Commissioner in January-

August 2018** He served as the Company’s President Commissioner in September-

December 2018



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Agenda Rapat dengan Kehadiran Dewan Komisaris

Tanggal RapatDate of Meeting

Pembahasan RapatMeeting Discussion

28 Februari/February 2018 » Perkenalan anggota Dewan Komisaris baru » Orientasi Tugas dan Tanggung Jawab Dewan Komisaris » Introduction of new members of the Board of Commissioners » Orientation of Duties and Responsibilities of the Board of Commissioners

22 Maret/March 2018 Update Operasi dan Keuangan per 31 Maret 2018Operations and Finance Update as of March 31, 2018

23 April 2018 Pra-RUPSPre-GMS

14 Mei/May 2018 Pelaksanaan Rapat Umum Pemegang Saham (RUPS)Implementation of the General Meeting of Shareholders (GMS)

29 Juni/June 2018 RKAP 2018 Revisi dan RKAP 2019Revision of RKAP 2018 and RKAP 2019

30 Juli/July 2018 Update Operasi dan Keuangan per 31 Juli 2018Operations and Finance Update as of July 31, 2018

8 Oktober/October 2018 Update Operasi dan Keuangan per 30 September 2018Operations and Finance Update as of September 30, 2018

18 Oktober/October 2018 Update Operasi dan Keuangan per 31 Oktober 2018Operations and Finance Update as of October 31, 2018

27 November 2018 Update Operasi dan Keuangan per 30 November 2018Operations and Finance Update as of November 30, 2018

21 Desember/December 2018 Update Operasi dan Keuangan per 31 Desember 2018Operations and Finance Update as of December 31, 2018

Meeting Agenda with the Attendance of the Board of Commissioners





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Sebagaimana termaktub di dalam Anggaran Dasar Perseroan, Perseroan memiliki organ Direksi yang berwenang dan bertanggung jawab penuh atas jalannya pengelolaan Perseroan sesuai dengan visi, misi, dan tujuan Perseroan, serta berperan dalam mewakili Perseroan baik di dalam maupun di luar pengadilan. Dalam menjalankan tugas dan tanggung jawabnya, masing-masing anggota Direksi memiliki kedudukan yang setara serta dapat menjalankan tugas dan mengambil keputusan sesuai dengan pembidangan tugas yang telah diamanatkan di dalam Anggaran Dasar Perseroan.

Masa Jabatan dan Komposisi Direksi

Direksi Perseroan diangkat dan diberhentikan melalui RUPS dimana setiap anggota Direksi diangkat untuk masa jabatan 3 (tiga) tahun sejak tanggal pengangkatannya di dalam RUPS dan dapat diperpanjang melalui pengangkatan kembali sesuai keputusan RUPS. Berikut adalah komposisi Direksi Perseroan per tanggal 31 Desember 2018:

No. NamaName

JabatanPosition

Dasar PenunjukkanBasis of Appointment

Periode MenjabatTerm of Office

1 Ginanjar PJ. President Director Akta PKR No. 31 Tanggal 1 Maret 2018 di hadapan Notaris Marianne V. Hamdani S.H.The Deed of PKR No. 31, dated March 1, 2018 before a Notary Marianne V. Hamdani S.H.

Sejak 2 Februari 2018 Since February 2, 2018

2 Indra Trigha Direktur Strategic Planning & Business DevelopmentDirector of Strategic Planning & Business Development

Akta PKR No. 31 Tanggal 1 Maret 2018 di hadapan Notaris Marianne V. Hamdani S.H.The Deed of PKR No. 31, dated March 1, 2018 before a Notary Marianne V. Hamdani S.H.

Sejak 2 Februari 2018 - 6 Maret 2018Since February 2, 2018 - March 6, 2018

Direktur SPBDDirector of SPBD

Keputusan Pemegang Saham secara Sirkuler Tanggal 7 Maret 2018Circular Shareholders’ Resolution on March 7, 2018

Sejak 7 Maret 2018 Since March 7, 2018

Profil lengkap Direksi Perseroan dapat dilihat pada Bab Profil Perusahaan, sub-bab Profil Direksi di halaman 36-37.

DireksiThe Board of Directors

As stated in the Company’s Articles of Association, the Company has the Board of Directors that fully authorized and responsible to conduct the Company’s management aligned to its vision, mission, and objectives, as well as to take a role in representing the company, both inside and outside of the court. In carrying out its duties and responsibilities, each member of the Board of Directors has equal standing and has an authority to perform their tasks and make decisions in accordance with the scope of work which set forth in the Company’s Articles of Association.

Term of Office and Composition of the Board Directors

The Company’s Board of Directors is appointed and dismissed through a GMS where every member of the Board of Directors is appointed for a term of 3 (three) years since the date of their appointment at the GMS and allow to extend through the reappointment in accordance with the GMS decision. The following was the composition of the Company’s Board of Directors as of December 31, 2018:

Profile of the Board of Directors of the Company is stated in the Chapter of Company Profile, sub-chapter of the Board of Directors’ Profile, on page 36-37.



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Tugas dan Tanggung Jawab Direksi

Merujuk pada Akta Pendirian PT Pertamina Power Indonesia No. 17 tanggal 26 Oktober 2017, berikut adalah tugas, wewenang, dan kewajiban Direksi Perseroan dalam menjalankan kegiatan pengelolaan Perseroan, antara lain:

1. Direksi bertugas menjalankan segala tindakan yang berkaitan dengan pengurusan Perseroan untuk kepentingan Perseroan dan sesuai dengan maksud dan tujuan Perseroan serta mewakili Perseroan baik di dalam maupun di luar Pengadilan tentang segala hal dan segala kejadian dengan pembatasan-pembatasan sebagaimana diatur dalam peraturan perundang-undangan, Anggaran Dasar, dan/atau keputusan RUPS.

2. Dalam melaksanakan tugas sebagaimana dimaksud pada poin 1), maka Direksi berwenang untuk:a. Menetapkan kebijakan dalam memimpin pengurusan

Perseroan; b. Mengatur ketentuan-ketentuan tentang kepegawaian

Perseroan, termasuk pembinaan pegawai, penetapan upah. dan penghasilan lain, pesangon dan/atau penghargaan atas pengabdian serta manfaat pensiun bagi para pegawai Perseroan berdasarkan peraturan perundang-undangan yang berlaku dan/atau keputusan RUPS;

c. Mengangkat dan memberhentikan pegawai Perseroan berdasarkan peraturan kepegawaian dan peraturan perundang-undangan yang berlaku;

d. Mengatur penyerahan kekuasaan Direksi untuk mewakili Perseroan di dalam dan di luar pengadilan kepada seorang atau beberapa orang anggota Direksi yang khusus ditunjuk untuk itu atau kepada seorang atau beberapa orang pekerja Perseroan baik sendiri-sendiri maupun bersama-sama atau kepada pihak lain;

e. Direksi dapat mengangkat dan memberhentikan Sekretaris Perseroan berdasarkan aturan dan ketentuan yang berlaku; dan

f. Menjalankan tindakan-tindakan lainnya baik mengenai pengurusan maupun mengenai pemilikan kekayaan Perseroan, sesuai dengan ketentuan-ketentuan yang diatur dalam Anggaran Dasar ini dan yang ditetapkan oleh RUPS berdasarkan peraturan perundang-undangan yang berlaku.

Rapat Direksi

Sepanjang tahun 2018, Direksi telah melaksanakan Rapat Direksi dengan Dewan Komisaris Perseroan sebagaimana di atas.

Duties and Responsibilities of the Board of Directors

According to the Deed of Establishment of PT Pertamina Power Indonesia No. 17 dated 26 October 2017, the following are the duties, authorities, and obligations of the Company’s Board of Directors in running the Company’s management activities, including:1. The Board of Directors is responsible for carrying out all

actions which related to the Company's maintenance for the Company's interest and in accordance with the purposes and objectives of the Company as well as representing the Company both inside and outside the Court on all matters and any events with limitations as regulated in laws and regulations, Articles of Association, and/or resolutions of the GMS.

2. In performing the duties referred to in point 1), the Board of Directors is authorized to: a. Establish policy in leading the management

of the Company;b. Arrange provisions on the Company's employment

including employee coaching, determination of wages and other income, severance payment and/or appreciation for dedication, as well as retirement benefits for employees of the Company in accordance with applicable laws and/or resolutions of the GMS;

c. Appoint and dismiss the Company's employees by referring to the applicable regulations;

d. Manage the authority substitution of the Board of Directors to represent the Company inside and outsite of the court to one or several members of the Board of Directors appointed to it or to one or several employees of the Company individually or jointly or to any other party;

e. The Board of Directors may appoint and dismiss the Corporate Secretary based on the applicable rules and regulations; and

f. Carry out other acts both concerning the administration of and the ownership of the Company's property, in accordance with the provisions of this Articles of Association and which are determined by the GMS by referring to the applicable laws and regulations.

Board of Directors Meetings

Throughout 2018, the Board of Directors has held a Board of Directors Meeting with the Company’s Board of Commissioners as mentioned above.





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Penilaian Terhadap Kinerja Anggota Direksi dan Anggota Dewan KomisarisPerformance Assessment of Members of the Board of Directors and the Board of Commissioners

Sepanjang tahun 2018, Dewan Komisaris Perseroan telah menjalankan fungsi pengawasan yang optimal terhadap kegiatan pengelolaan Perseroan yang dijalankan oleh Direksi. Di samping itu, Dewan Komisaris juga secara proaktif memberikan arahan dan masukan kepada Direksi melalui pertemuan rapat gabungan Dewan Komisaris dan Direksi yang telah terselenggara sebanyak 8 (delapan) kali di tahun ini.

Direksi Perseroan juga menjalankan tugas dan tanggung jawabnya secara efektif dan efisien, serta telah sesuai dengan arahan dan nasihat yang diberikan oleh Dewan Komisaris. Keberhasilan Direksi dalam menjalankan peranannya tercermin dari sejumlah proyek baru yang berhasil diraih Perseroan di tahun ini.

In 2018, the Board of Commissioners of the Company has performed an optimal supervisory function on the Company’s management activities carried out by the Board of Directors. In addition, the Board of Commissioners also pro-actively gave direction and input to the Board of Directors through a joint meeting of the Board of Commissioners and the Board of Directors which has been held for 8 (eight) times in this year.

The Board of Directors of the Company also performed their duties and responsibilities effectively and efficiently, as well as in accordance with the directions and advice given by the Board of Commissioners. The Board of Directors’ success in carrying out its role was reflected in a number of new projects obtained by the Company in this year.



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Sekretaris PerusahaanCorporate Secretary

Perseroan memiliki organ Sekretaris Perusahaan yang memiliki peran dan fungsi strategis sebagai penghubung utama atau mediator yang menjembatani kepentingan Perusahaan dengan Para Pemangku Kepentingan terutama Pemegang Saham, pihak regulator, dan masyarakat sesuai dengan peraturan perundang-undangan yang berlaku. Selain itu, Sekretaris Perusahaan turut bertanggung jawab dalam menjaga persepsi publik terhadap citra dan reputasi Perseroan serta bertanggung jawab dalam hal pemenuhan kepatuhan Perseroan terhadap peraturan perundang-undangan yang berlaku.

Profil Sekretaris Perusahaan

The Company has a Corporate Secretary organ that has strategic roles and functions as the main liaison or mediator that bridges the Company’s interests with Stakeholders, especially Shareholders, regulators, and the community in accordance with the applicable laws and regulations. In addition, the Corporate Secretary is also responsible for maintaining public perception of the Company’s image and reputation as well as responsible for fulfilling the Company’s compliance with applicable laws and regulations.

Profile of the Corporate Secretary

Juwitra Rezki (Ekky) Oroh

Warga Negara Indonesia, 40 tahun, domisili di Jakarta

Dasar Pengangkatan: SK Direktur SDM Pertamina No. Kpts.P-083/K00000/2017-S8.

Riwayat Pendidikan:• Sarjana Hukum dari Universitas Parahyangan,

Indonesia (2001).• Master degree in Law (LL.M), Globalization

and Law program dari Maastricht University, The Netherlands (2008).

Riwayat Karier:

• Mengawali kariernya sebagai private practice lawyer maupun in-house lawyer di beberapa industri termasuk industri pertambangan (2001-2009).

• Mulai bergabung di PT Pertamina (Persero) dan ditempatkan di Fungsi Legal Counsel & Compliance, selanjutnya Beliau ditempatkan di Anak Perusahaan Pertamina (2009-2017).

• Diperbantukan Pertamina sebagai Sekretaris Perusahaan di Perseroan (2017-sekarang).

Indonesian citizen, 40 years, domiciled in Jakarta

Basis of Appointment:SK Direktur SDM Pertamina No. Kpts.P-083/K00000/2017-S8.

Educational background:• Bachelor of Law from Parahyangan University,

Indonesia (2001).• Master degree in Law (LL.M), Globalization

and Law program from Maastricht University, The Netherlands (2008).

Career History:

• He began his career as a private practice lawyer and in-house lawyer in several industries including the mining industry (2001-2009).

• He joined PT Pertamina (Persero) and was placed in the Legal Counsel & Compliance Function, then he was placed in the Pertamina Subsidiary (2009-2017).

• Assisted by Pertamina as Corporate Secretary at the Company (2017-present).

Pelaksanaan Tugas Sekretaris Perusahaan Tahun 2018:

1. Penyusunan Laporan Tahunan Perseroan untuk Tahun Buku 2018.

2. Pelaksanaan RUPS Tahunan untuk Tahun Buku 2017.3. Penyelenggaraan reguler Rapat BOD-BOC Perseroan.4. Pelaksanaan groundbreaking Proyek IPP Jawa-1 dengan

berkoordinasi dengan PT Pertamina (Persero).5. Media relation dengan berkoordinasi dengan PT Pertamina

(Persero).6. Penyusunan RJPP Perseroan untuk tahun 2016 – 2019. 7. Penyusunan konsep Laporan Managemen bulanan.8. Pengembangan website Perseroan.

Implementation of Corporate Secretary Duties in 2018:

1. Preparation of the Company's Annual Report for the 2018 Book Year.

2. Implementation of the Annual GMS for the 2017 Financial Year.3. Regular implementation of the Company's BOD-BOC Meetings.4. Groundbreaking of the Java-1 IPP Project in coordination with

PT Pertamina (Persero).5. Media relations in coordination with PT Pertamina (Persero).

6. Preparation of the Company's RJPP for 2016 - 2019.7. Drafting a monthly Management Report concept.8. The development of the Company's website.





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Sebagai bagian dari Pertamina Group, Perseroan berkomitmen untuk selalu menjaga kualitas dan keandalan Laporan Keuangan agar penyajian yang dilakukan senantiasa terbebas dari salah saji material sehingga tidak menimbulkan asimetris informasi kepada Para Pemegang Saham dan Pemangku Kepentingan lainnya. Oleh karena itu, Perseroan menunjuk Kantor Akuntan Publik Purwantono Sungkoro & Surja (A member of Ernst & Young global) untuk memberikan jasa audit eksternal atas Laporan Keuangan Perseroan tahun buku 2018. Dalam hubungan kerja ini, tidak ada hubungan afiliasi antara auditor dan Dewan Komisaris/Direksi/Pemegang Saham Perusahaan.

Unit Audit InternalInternal Audit Unit

Hingga akhir tahun 2018, Perseroan belum memiliki Unit Audit Internal di dalam struktur organisasi perusahaan. Oleh sebab itu, seluruh kegiatan ataupun fungsi yang berkaitan dengan Unit Audit Internal Perseroan dijalankan oleh induk perusahaan yaitu PT Pertamina (Persero).

Until the end of 2018, the Company did not have an Internal Audit Unit within the company’s organizational structure. Therefore, all activities or functions related to the Company’s Internal Audit Unit is run by the parent company, namely PT Pertamina (Persero).

As part of Pertamina Group, the Company is committed to always maintain its quality and reliability of the Financial Statements so it is always free from material misstatements so as not to cause asymmetrical information to the Shareholders and other Stakeholders. Therefore, the Company has appointed the Public Accounting Firm of Purwantono Sungkoro & Surja (A member of Ernst & Young Global) to provide external audit services to the Company’s Financial Statements 2018. In this working relationship, there are no affiliate relations between the auditor and the Board of Commissioners/the Board of Directors/Shareholders of the Company.

Kantor Akuntan PublikPublic Accounting Firm



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Dalam rangka meningkatkan kualitas penerapan GCG baik di seluruh level organisasi maupun lini bisnisnya, Perseroan dengan dukungan dan koordinasi PT Pertamina (Persero) telah menjalankan Sistem Pengendalian Internal (SPI) yang dirancang secara menyeluruh agar aktivitas pengendalian internal Perseroan senantiasa berjalan efektif dan efisien guna mengamankan investasi dan aset Perseroan. Dalam menerapkan pengendalian operasional, Perseroan senantiasa mendorong seluruh karyawannya untuk selalu menjunjung tinggi nilai-nilai integritas dan etika bisnis serta agar selalu mematuhi aturan dan kebijakan Perseroan, serta bersama-sama menciptakan lingkungan kerja yang aman dan sehat dengan selalu mematuhi ketentuan perundang-undangan yang berlaku. Di samping itu, Perseroan dengan dukungan dan koordinasi PT Pertamina (Persero) juga telah memiliki kebijakan dalam hal pengendalian intern atas pelaporan keuangan atau Internal Control over Financial Reporting (ICoFR) serta pelaksanaan evaluasinya. Dengan diberlakukannya kebijakan baik dalam hal operasional maupun keuangan, Perseroan meyakini hal tersebut dapat membawa dampak positif bagi Perseroan terutama dalam menekan dampak kerugian dari sisi finansial, semakin rendahnya atau nihil aktivitas yang mengarah pada perbuatan kecurangan (fraud) dan pelanggaran aspek kehati-hatian, serta meningkatkan efektivitas organisasi dan efisiensi biaya.

In order to improve the quality of GCG implementation both at all levels of organizations and business lines, the Company which is supported by strong support and coordination with PT Pertamina (Persero) has run an Internal Control System (SPI) that designed thoroughly so as the Company’s internal control activities always be able to run effectively and efficiently in order to secure the Company’s investments and assets. By applying the operational control, the Company always encourages all employees to always uphold the values of integrity and business ethics as well as to always comply with the rules and policies of the Company, as well to create a safe and healthy work environment together by complying with applicable laws and regulations. In addition, the Company with the support and coordination from PT Pertamina (Persero) also has a policy that governs Internal Control over Financial Reporting (ICoFR) as well as the implementation of its evaluation. With the enactment of policies both in terms of operations and finance, the Company believes that this may have a positive impact on the Company, especially in reducing the impact of losses on the financial side, the lower or nil activities that lead to fraud and violations of prudential aspects, as well as increasing organizational effectiveness and cost efficiency.

Sistem Pengendalian InternalInternal Control System

Perkara Hukum di Tahun 2018Litigation Cases in 2018

Di sepanjang tahun 2018, Perseroan dan seluruh Organ di dalamnya tidak tercatat di forum penyelesaian sengketa mana pun, baik arbitrase maupun pengadilan, baik di dalam negeri maupun di luar negeri.

Throughout 2018, the Company and all of its Organs did not record in any dispute resolution forum, whether arbitration or court, both domestic and abroad.





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Penerapan Umum Manajemen Risiko di Lingkungan Perseroan

Dalam menjalankan kegiatan bisnis di bidang energy to power, Perseroan menyadari akan berbagai potensi risiko yang mungkin dihadapi sewaktu-waktu baik yang berasal dari internal Perseroan maupun di luar kendali Perseroan. Oleh karena itu, ditopang oleh koordinasi dan dukungan PT Pertamina (Persero) Perseroan telah mengaplikasikan sistem manajemen risiko dan operasional yang komprehensif di seluruh aspek operasional bisnis Perseroan guna meminimalisir dampak negatif dari risiko-risiko tersebut. Dalam mengelola risikonya, seluruh jajaran manajemen Perseroan bertanggung jawab atas terlaksananya sistem manajemen risiko yang memadai di unit bisnisnya.

Evaluasi Efektivitas Implementasi Manajemen Risiko Tahun 2018

Pada tahun 2018, Perseroan telah melakukan pengelolaan risiko secara komprehensif, efektif, dan efisien sesuai dengan standar yang berlaku di Pertamina Group. Keberhasilan Perseroan dalam mengelola risikonya di sepanjang tahun ini tercermin dari tidak adanya risiko yang timbul di sepanjang tahun 2018 yang telah mengakibatkan dampak negatif terhadap kinerja keuangan dan operasional Perseroan.

Manajemen RisikoRisk Management

General Application of Risk Management within the Company

In running business activities in the field of energy to power, the Company realizes various potential risks that may be faced at any time both come from internally from the Company or outside that out of the Company’s control. Therefore, supported by the coordination and support of PT Pertamina (Persero), the Company has applied comprehensive risk management and operational system in all aspects of the Company’s business operations to minimize the negative impact of these risks. In managing risk, the entire management of the Company is responsible for the implementation of an adequate risk management system in its business unit.

Risk Management Implementation EffectivityEvaluation 2018

In 2018, the Company has conducted risk management in a comprehensive, effective and efficient manner in accordance with the applicable standards in Pertamina Group. The Company’s success in managing its risks throughout the year was reflected from the absence of risks arising in 2018 which have had a negative impact on the Company’s financial and operational performance.

Sanksi AdministratifAdministrative Sanctions

Di sepanjang tahun 2018, Perseroan tidak mendapatkan sanksi administratif dalam bentuk apa pun.

Throughout 2018, the Company did not receive administrative sanction in any form.



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Sebagai wujud komitmen kuat Perseroan dalam meningkatkan kualitas penerapan GCG baik di lingkungan Perseroan maupun di wilayah operasional, maka melalui SK No. Kpts-009/PPI10000/2018-S0 dan SK No. Kpts-010/PPI10000/2018-S0 tanggal 31 Desember 2018, Perseroan telah menetapkan Pedoman Etika Usaha dan Tata Perilaku (Code of Conduct) serta Pedoman Tata Kelola Perusahaan (Code of GCG), yang bersifat mengikat dan wajib dipatuhi oleh seluruh insan Perseroan agar senantiasa tercipta praktik korporasi sehat berlandaskan prinsip-prinsip GCG. Pada prinsipnya, Kode Etik Perseroan berisikan seperangkat nilai, etika bisnis, etika kerja, dan norma-norma lainnya terkait kepatutan serta kepatuhan terhadap kebijakan yang telah disesuaikan dengan peraturan perundang-undangan yang berlaku.

Sosialisasi Kode Etik dan Upaya Penegakannya

Perseroan senantiasa menyadari bahwa penerapan Kode Etik menjadi bagian yang tak terpisahkan saat menjalankan prinsip-prinsip korporasi sehat. Oleh karena itu, Perseroan mengadakan acara yang bertujuan untuk mengingatkan dan menekankan penerapan Kode Etik Perusahaan kepada seluruh karyawan di berbagai level manajemen. Pada tahun 2019, Perseroan melakukan sosialisasi Kode Etik kepada seluruh karyawan pada tanggal 25 Januari 2019 bertempat di Kantor Perseroan.

Pernyataan Bahwa Kode Etik Berlaku Bagi Anggota Direksi, Anggota Dewan Komisaris, dan Seluruh Karyawan

Kode Etik Perusahaan wajib dipatuhi oleh seluruh insan Perseroan, termasuk Dewan Komisaris, Direksi, beserta Organ Penunjang dan seluruh karyawan baik yang berada di lingkup kantor pusat maupun di wilayah operasional. Sebagai bentuk komitmen tertulis, Perseroan mewajibkan seluruh insan Perseroan untuk memberikan pernyataan bahwa mereka akan senantiasa mematuhi seluruh isi pokok Kode Etik Perusahaan dalam menjalankan kegiatan operasional bisnis sehari-hari.

As a reflection of the Company’s strong commitment in improving the quality of GCG implementation both within the Company and in the operational area, then through Decree No. Kpts-009/PPI10000/2018-S0 and Decree No. Kpts-010/PPI10000/2018-S0 dated December 31, 2018, the Company has established the Code of Business Ethics and Code of Conduct as well as the Code of GCG, which is binding and must be obeyed by all of the Company’s personnel in order to create healthy corporate practices based on the GCG principles. In principle, the Company’s Code of Ethics contains values, business ethics, work ethics, and other norms related to propriety and compliance with all policies that have been adjusted to the applicable laws and regulations.

Socialization of the Code of Ethics and its Enforcement Efforts

The Company realizes that the implementation of the Code of Ethics becomes an inseparable part when running healthy corporation principles. Therefore, the Company held an event aimed at reminding and emphasizing the application of the Company’s Code of Ethics to all employees at various levels of management. In 2019, the Company disseminated the Code of Ethics to all employees on January 25, 2019 at the Company’s Office.

Statement that the Code of Ethics Applies to all Members of the Board of Directors, Members of the Board of Commissioners, and all Employees

The Company’s Code of Ethics must be adhered to by all of the Company’s personnel, including the Board of Commissioners, the Board of Directors, along with Supporting Organs and all employees both at the head office and operational areas. As a form of written commitment, the Company requires all of its employees to give a clear statement that they will always comply with the Company’s Code of Ethics in performing their daily business operations.

Kode EtikCode of Ethics






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The Company believes that the implementation of sustainable CSR programs/activities is not merely to maintain the quality of the company's compliance with the applicable legislation, but it also becomes a moral responsibility of the Company to the Stakeholders.

It is also an embodiment of one of the GCG principles, namely the principle of responsibility – a principle that directs and controls the company in order to always maintain a balance between its strength and authority in providing accountability to Stakeholders. Based on this view, entering the second year of its business milestones, the Company still continues to finalize its vision, mission, and programs/activities and CSR targets which will be the focus of the Company's CSR development in the coming years so to be on target.

Perseroan meyakini penerapan program/kegiatan CSR yang berkesinambungan tidak semata untuk menjaga kualitas kepatuhan perusahaan terhadap perundang-undangan yang berlaku, tetapi menjadi sebuah tanggung jawab moral Perseroan kepada para Pemangku Kepentingan.

Hal ini juga sekaligus merupakan perwujudan atas salah satu prinsip GCG yaitu prinsip responsibilitas – sebuah prinsip yang mengarahkan dan mengendalikan perusahaan agar selalu menjaga keseimbangan antara kekuatan serta kewenangannya dalam memberikan pertanggungjawaban kepada Pemangku Kepentingan. Berlandaskan pandangan tersebut, memasuki tahun ke-2 perjalanan bisnisnya, Perseroan masih terus merampungkan visi, misi, serta program/kegiatan serta target CSR yang akan menjadi fokus pengembangan CSR Perseroan di tahun-tahun mendatang agar senantiasa tepat sasaran.

Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

Sebagai salah satu entitas anak BUMN yang berfokus di bidang usaha energi nasional, yakni PT Pertamina (Persero) atau “Pertamina”, Perseroan senantiasa berupaya untuk selalu menyelaraskan seluruh kegiatan operasional bisnisnya dengan Pertamina Group, termasuk dalam menginternalisasi nilai-nilai Tanggung Jawab Sosial Perusahaan (Corporate Social Responsibility/”CSR”).

As one of the SOE's subsidiaries that focuses on the national energy business sector, namely PT Pertamina (Persero) or "Pertamina", the Company always strives to align all of its business operations with Pertamina Group, including the internalization of Corporate Social Responsibility ("CSR").





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Dalam menjalankan kegiatan operasional bisnis sehari-hari, Perseroan berkomitmen akan selalu mengedepankan prinsip moral dan etis sehingga seluruh kegiatan yang dijalankan Perseroan dijamin tidak akan mencemarkan lingkungan, merugikan kelompok masyarakat ataupun generasi mendatang. Sepanjang tahun 2018, Perseroan telah ikut mendorong pelaksanaan kegiatan CSR khususnya untuk Proyek IPP Jawa-1 melalui PT Jawa Satu Power, antara lain:

1. Menyediakan 200 paket Idul Fitri;2. Donasi Idul Adha sebanyak 20 ekor sapi dan 50 ekor kambing;

3. Donasi untuk Tsunami Selat Sunda dengan bekerjasama dengan Karang Taruna Cilamaya;

4. Perbaikan saluran drainase di Karanganyar, Cilamaya;5. Perbaikan irigasi air di Muara, di desa Cilamaya;6. Perbaikan jalan di Cilamaya-Krasak sepanjang 3 KM;7. Konstruksi jembatan dan jalan akses masyarakat di Cibatu,

Bekasi; 8. Perbaikan Jalan Akses Masyarakat di Cibatu, Bekasi; 9. Perbaikan toilet, kantin dan lapangan sekolah di SD Cilamaya

dan SD Cibatu;10. Perbaikan kantin di SD Cibatu;11. Membantu menyediakan peralatan ATK untuk wilayah

Cilamaya;12. Membantu Menyediakan Peralatan Belajar untuk Pelajar SD

di Cilamaya;13. Pergelaran seni di Cilamaya;14. Komunikasi dan pendekatan dengan media lokal; dan15. Penghijauan dengan penanaman bambu di area PLTGU.

In carrying out its daily business operations, the Company is committed to always put priority to the moral and ethical principles so every activity conducted by the Company is ensured does not harm the environment, community groups or future generations. Throughout 2018, the Company has participated in the implementation of CSR activities specifically for IPP Java-1 Project through PT Jawa Satu Power, among others:

1. Distributed 200 packages of Eid al-Fitr;2. Handed donations of Eid al-Adha as many as 20 cows and

50 goats;3. Handed donations for all victims of Sunda Strait Tsunami in

collaboration with Karang Taruna Cilamaya;4. Repairment of Drainage in Karanganyar, Cilamaya;5. Repairment of Water irrigation in Muara, Cilamaya village;6. Road repairment in Cilamaya-Krasak for 3 KM;7. Construction of bridges and public access road in Cibatu,

Bekasi;8. Repairment of Community Access Road in Cibatu, Bekasi;9. Building repairment of a toilet, canteen and school grounds in

SD Cilamaya and SD Cibatu;10. Construction of Canteen building at SD Cibatu;11. Helped to provide the ATK equipment for Cilamaya area;

12. Helped to provide learning equipment for elementary students in Cilamaya;

13. Showed the Art performances in Cilamaya;14. Communicated and approached local media; and15. Greening by planting bamboo in the PLTGU area.



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Management Walkthrough (MWT)

» MWT tanggal 14 Maret 2018 dilaksanakan di Kantor Perseroan di Jakarta.

» MWT tanggal 9 Agustus 2018 dilaksanakan di PLTS Badak 4 MW Bontang, Kalimantan Timur.

» MWT tanggal 8 November 2018 dilaksanakan di PLTGU Cilamaya, Karawang, Jawa Barat.

» MWT tanggal 27 November 2018 dilaksanakan di PLTGU Cilamaya, Karawang Jawa Barat.

» Support HSE pada persiapan Groundbreaking PLTGU 1760 MW Cilamaya tanggal 20 Desember 2018.

HSE Meeting

Pada tahun ini, rapat HSE dilakukan sebanyak 7 (tujuh) kali, yakni di bulan Januari, Februari, Maret, April, Juli, Agustus dan Oktober 2018, bertempat di kantor pusat Perseroan. Adapun agenda rapat yang dibahas mencakup safety moment, pemutaran video HSE, dan diskusi temuan unsafe serta sosialisasi kebijakan HSE (golden rules, 11 elemen life-saving rules) dan STK QHSSE.

Laporan HSE

Perseroan telah menyampaikan Laporan HSE secara langsung kepada Direktur PIMR dan ditembuskan kepada SVP HSSE Corporate.

Management Walkthrough (MWT)

» The MWT dated on March 14, 2018 was held at the Company's Office in Jakarta.

» The MWT dated on August 9, 2018 was held at PLTS Badak 4 MW Bontang, East Kalimantan.

» The MWT dated on November 8, 2018 was held at PLTGU Cilamaya, Karawang, West Java.

» The MWT dated on November 27, 2018 was held at PLTGU Cilamaya, Karawang, West Java.

» HSE Support for the preparation of Groundbreaking of PLTGU 1760 MW Cilamaya on December 20, 2018.

HSE Meeting

In this year, the HSE meetings has conducted 7 (seven) times, i.e. in January, February, March, April, July, August and October 2018, located at the Company’s head office. The meeting agenda discussed matters, such as safety moments, HSE video screenings and discussion of unsafe findings as well as the socialization of HSE policies (golden rules, 11 elements of life-saving rules) and STK QHSSE.

HSE Report

The Company has submitted the HSE Report directly to the Director of PIMR and passed to the SVP HSSE Corporate.

Tanggung Jawab Sosial terhadap Kualitas, Kesehatan, Keselamatan, Keamanan, Lingkungan (QHSSE) Tahun 2018Social Responsibility for Quality, Health, Safety, Security, Environment (QHSSE) in 2018

PT Pertamina Power Indonesia

Laporan KeuanganFinancial Statements

PT Pertamina Power IndonesiaGedung Wisma Nusantara Lantai 20 & 25

Jl. M.H. Thamrin 59 Jakarta 10350Tel: 021 - 381 5111

LAPORAN TAHUNAN

A N N U A L R E P O R T 2018

Unfold the Adventure, Discover the Journey, and Strive for ...pertaminapower.com/cfind/source/files/annual-report/annual report ppi 2018.pdfuntuk terus melangkah maju dan mendukung

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