Articles

Comparing Company Valuation Before and After IPO Study Case PT Pertamina Geothermal Energy Tbk

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Affordable energy resources of energy play a crucial role in economic and social development to support food production, availability of water supply and sustainable healty lifestyle. In order to avoid long-term scarcity resulting from the continuous use of non-renewable energy sources, we must explore all potential renewable energy source that align with concernes about climate change and other environmental issues. As a continuation of the Indonesian government’s efforts to generate clean and environmental friendly energy, PT Pertamina Geothermal Energy (PGE) was established in 2006. It has contributed 82% of the installed geothermal energy capacity in Indonesia. By leveraging Indonesia’s location within the Ring of Fire as one of the world’s geothermal energy hubs, PGE has been supplying electricity to more than 2 million households in Indonesia with a potential emission reduction of 9.7 million tons of CO2 per year. To achieve sustainable business growth, PGEO is optimizing production in its operational areas by expanding installed capacity. In the company consideration, IPO is an appropriate step to financing the expansion. The author compares the company’s value before and after the IPO to determine the short-term impact of the IPO, helping investors gauge their confidence in making investment decisions in PGEO.

This study utilizes secondary data from prospectuses, financial statements, annual reports, sustainability reports, company-published documents, as well as data from IDX.co.id and IDN Financials.com. The data was collected and analyzed to understand evaluate financial performance, and assess the company’s value before and after the IPO. The calculation of the company’s intrinsic value is conducted using the Discounted Cash Flow Valuation method for the pre-IPO period against the company’s financial projections for the years 2019 to 2022 and for the post-IPO period against the company’s financial projections for the years 2024 to 2028, using discount rates of 8.25% and 8.65% for each. In resulting the intrinsic value pre-IPO is IDR 1.141,28 and the intrinsic value post-IPO is IDR 1.300,86. The stock price of PGEO at its IPO on February 23, 2023, was IDR 875, while the adjusted closing price on December 29, 2023, was IDR 1,170. This study founds that the market price of PGEO’s stock, both before and after the IPO, are overvalued.

Appraisal of Green Communication Technology Deployment in Nigeria

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The idea behind “green” processes and technologies is the use of upgraded, ecologically friendly processes and technologies in a way that preserves natural resources and doesn’t disturb the environment. Clean technology and environmental technology are other names for green technology. These days, most governments take steps to promote these technologies because of their value. Governments therefore suggested a number of financial incentives that produce electricity using renewable resources. As its primary objective, green technologies seek to address societal demands while minimizing the use of natural resources and causing no harm to them. The idea is to create materials that are entirely recyclable or reusable. Green technology generates energy through novel and inventive methods. The goal of green communication is to explore sustainability in relation to energy efficiency, the environment, and communication goals. Green communications have an obligation to promote ecological network equipment and systems and to fortify corporate environmental responsibility. The paper presents Nigeria renewable green energy sources, green electronics, recycling, communication technology areas of application. The paper also presents a careful consideration of materials and methods to ensure the chosen deployment are environmentally sustainable. Despite the challenges, utilizing green ICT methods in Nigeria is not just a choice, it is essential for a number of advantageous causes as people throughout the world become more environmentally aware, implementing green ICT practices can improve Nigeria’s standing internationally. It will demonstrate the nation’s dedication to sustainability.

Predicting a Higher Heating Value for Torrefied Kesambi Leaf Biobriquettes through Ultimate Analysis

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The escalating global pursuit of sustainable energy solutions has led to the emergence of biomass-derived fuels, such as biobriquettes, as feasible substitutes for traditional fossil fuels. Kesambi leaves, which are abundant in Southeast Asia and boast a high calorific value, represent a promising prospect for the production of biobriquettes. In this investigation, a conclusive analytical method is employed to construct a predictive framework for estimating the Higher Heating Value (HHV) of torrefied kesambi leaf biobriquettes. By incorporating ash content (PS), volatile matter (BR), carbon (C), hydrogen (H), and oxygen (O) percentages, alongside experimental HHV data, through multiple linear regression and elemental composition data acquired from proximal analysis, the model aims to forecast HHV. The model’s modest positive Mean Bias Error (MBE) and satisfactory Root Mean Square Error (RMSE) suggest a good fit. The substantial R-squared value indicates the model’s capability to adeptly capture HHV variability. Ultimately, this approach grounded in fundamental principles contributes significantly to the sustainable exploitation of biomass resources by providing a pragmatic and effective technique for predicting HHV for kesambi leaf biobriquettes.

Corporate Renewable Energy Procurement Prioritization Using Analytic Hierarchy Process (AHP) by Energy Service Company Perspective in Response to COP26

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To be able to participate in the COP26 commitment to work together to make clean and sustainable solutions, making clean power is the most affordable and reliable option for Indonesia to meet its power needs efficiently by 2030. The purpose of this research is to create a prioritization of prospective renewable energy projects from the point of view of a service company as an oil and gas company’s contractor. These include Indonesia’s prospective projects, which are geothermal or carbon capture and utilization, and decarbonization or reduction emission from existing services. This research also decides criteria that important for service company in providing renewable energy. A literature study, interviews with key decisionmakers in the company, questionnaires to company experts, and a questionnaire to practitioners in the industry were done to determine the criteria and prioritization technique. Four criteria of governance, marketing and sales, financial and project management were found to support the prioritization process using the Analytical Hierarchy Process (AHP). Among the nine sub-criteria, the sub-criteria with the highest global weights are profitability, cashflow, and service quality assurance.

Green Energy Development in Russian Regions

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The analysis of the development of “green energy” in the regions of Russia is one of the pressing modern scientific issues. This article describes the general situation with carbon dioxide emissions in the atmosphere in the world and in Russia. It is shown that the Russian Federation is one of the world leaders in the volume of carbon dioxide emissions. Global and Russian trends in the development of renewable energy sources are considered. The spatial unevenness in the development of renewable energy sources in the regions of the Russian Federation is characterized. An econometric model is proposed, which investigates the influence of the production process (through such factors as gross regional product and electricity consumption) as well as the development of renewable energy sources on carbon dioxide emissions in Russian regions. The results show that gross regional product and regional electricity consumption have positive impact on increasing carbon dioxide emission while the increase of renewable energy sources has a negative impact on increasing carbon dioxide emission. At the present stage, Russian regions can face a number of problems and constraints of social and economic nature that may hinder the development of a “green economy”.

Renewable Energy Transition Strategy for PT.CI to Reduce 50% Emission by 2030

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The global and Indonesia energy trend is heading to process of transitioning from fossil fuel to renewable energy (decarbonization) in the purpose of reducing Green House Gas (GHG) effects. Industries as one of the biggest contributors of emission generator expected to participate in this effort, where fuel and electricity play significant roles in running the operation. Many businesses try to participate and state their commitment on this energy transition initiative by increasing the portion of renewable energy within their operation. Meanwhile, business have several uncertainties’ on how the renewable energy will be acquired and will this renewable energy options be available at the time they need it. Campur Plc. (CP) through its subsidiary in Indonesia, PT. Campur Ilmiah (PT. CI) has targeted the entity to reduce 50% of the emission by 2030 with the baseline of 2018, which align with corporate target of 46.2% of emission reduction globally. Uncertainties on achieving this target generated from external and internal factors, and not to forget how to sustainably maintain the achievement. The location of PT.CI in industrial estate need to be considered as limitation because the power and energy supply are regulated. The accessibility, availability and affordability of renewable energy are expected to be handled by the government, industrial estate or other third party in energy business, but the phasing and the achievement up to now has not shown a promising progress. As a business, PT.CI need to have a strategic planning on this energy transition to support the global target as well as shown a positive investment climate in Indonesia. There are four (4) scenarios has been developed and each of the scenarios are explored to identify alternative and possible strategies to still be able achieving the target and how the organization manage these changes. As the conclusion of this research, four (4) strategic imperatives are defined. This research also might be use as the reference of future planning for the similar industries that have the similar target and type of energy mix.