Indonesian utility PLN reduces its 2020 revenue target due to COVID-19 impact

Indonesia’s state electricity utility Perusahaan Listrik Negara (PLN) has reduced its 2020 revenue target by 14.6 per cent to IDR 257 trillion from IDR 301 trillion, owing to the effect of Covid-19 on power demand. PLN has also postponed projects that have not received funding but will continue with those that have secured financing. The Indonesian government is planning an IDR 149.29 trillion bailout for 12 state-owned enterprises, mostly as cash compensation and working capital investments, to reduce the impact of the pandemic. The funding includes IDR 48 trillion in compensation for PLN. In April 2020, the government announced a $24.9 billion stimulus package including electricity discounts and waivers, in response to the corona outbreak.

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