PLN seeks $30b to boost capacity

PLN seeks $30b to boost capacity

JAKARTA: Indonesia's state electricity company is seeking to raise US$30 billion in the next 10 years to raise its generating capacity by another 20,000 megawatts, its president said on Tuesday.

Eddie Widiono said Perusahaan Listrik Negara (PLN) was struggling to meet a sharp growth in power demand as the sector was suffering from a lack of foreign investment to make up for cash shortfalls.

"PLN can only fork out $9 to $10 billion and we will have to seek the remainder from investors," Widiono told reporters.

Creditor countries and the World Bank have funded some of the power firm's projects, but the government has said it wants more private participation.

Indonesia plans to revoke PLN's monopoly of the power sector and allow private companies to sell electricity by 2008. -- AFP