Further delays at Pagbilao LNG Plant, page-53

This is the only reference I have ever seen to the transfer price (it is on page 15 of the 2021 annual report) about this time last year.


"The Sengkang Power Plant is held under a Build, Own and Operate (BOO) structure. The Power Purchase Agreement (“PPA”) has terms which include the right for PLN to purchase the power plant from us at a price determined with reference to a formula. At this time PLN has not chosen to exercise such right."

The value of the plant is broadly equal to the spark spread between the gas and the electricity. But the plant is the primary user of the gas. Therefore the PPA determines the value of the plant and the PSC. Hard to know who is wearing the boots in this negotiation especially if the Indonesian can tolerate some blackout/brownout risk.