Analyst
Analyst
Highlights
- POWR is a direct beneficiary of rising data centre demand, and it expects demand from data centre players to increase from 274MVA to 447MVA by 2028. Meanwhile, DCII's 120MW H1 expansion could generate enquiries for up to 200MW of power demand for POWR.
- Power-related costs accounted for 37.2% of DCII's 1H26 cost of revenue. Rising data centre demand will drive higher electricity consumption, directly benefitting POWR through increased power demand.
- DCII is scaling from 132MW to over 2GW, while its 4-12 months build time and 13-year track record of 100% uptime remain key differentiators.
What’s New
- AI boom beneficiary. The AI boom is generating positive spillover effects across the broader ecosystem in Indonesia, benefitting data centre operators, construction companies, industrial estate developers, and utilities. This trend is evident from DCI Indonesia’s (DCII) expansion, with the company developing an additional 120MW in the H1 area, which should further increase demand for utilities and power supply from providers such as Cikarang Listrindo (POWR). Furthermore, NexAI Digital Infrastruktur’s planned data centre development of 42MW in Kawasan Industri Jababeka (KIJA) should create additional demand for industrial estate demand and power supply, benefitting both KIJA and POWR.
- Power generation footprint in Bekasi. POWR has an integrated power infrastructure platform serving five of the largest industrial estates in Bekasi, covering MM2100, East Jakarta Industrial Park, Hyundai Inti Development, Lippo Cikarang and Jababeka Industrial Estate. The company serves over 96% of industrial estate tenants, providing a strong captive customer base as these estates continue to expand. Its generation and transmission network includes the 755MW gas and steam power plant (PLTGU) Jababeka, 109MW gas power plant (PLTG) MM-2100, and 280MW stream power plant (PLTU) Babelan, including 70MW co-firing capacity. POWR also operates 50.5MWp of solar capacity as per 1H26, providing an additional renewable power source. Additionally, the company is currently commissioning a 50 MW gas engine project in MM-2100.
- Input cost is passed through to customers. Electricity input costs are generally passed through to customers. This helps mitigate direct exposure to fluctuations in fuel costs and provides greater visibility on margins. POWR operates a diversified fuel mix. The current portfolio includes approximately 280MW of coal capacity with approximately 25% biomass mix. The current power generation portfolio includes approximately 280MW of coal-fired capacity with a 25% biomass mix, alongside 864MW of gas-fired generation capacity. For gas, POWR indicated several pricing references, including around US$8.20/MMBtu from Pertamina EP, and approximately US$9.00/MMBtu from PGN, depending on the source and contract.
- Increasing power demand from data centres. Current data centre usage is approximately 274MVA, expected to increase to around 303MVA by end-26, 385MVA by 2027, and approximately 447MVA by 2028, based on existing customer forecasts and expected ramp-up. Nevertheless, contracted demand does not immediately translate into full electricity consumption. Customers typically require time to ramp up their power usage, meaning the timing of actual utilisation remains an important variable for POWR. POWR is continuing negotiations with customers on additional contracted capacity, with some potential commitments expected around end-26 or in 2027.
Highlights
- POWR is a direct beneficiary of rising data centre demand, and it expects demand from data centre players to increase from 274MVA to 447MVA by 2028. Meanwhile, DCII's 120MW H1 expansion could generate enquiries for up to 200MW of power demand for POWR.
- Power-related costs accounted for 37.2% of DCII's 1H26 cost of revenue. Rising data centre demand will drive higher electricity consumption, directly benefitting POWR through increased power demand.
- DCII is scaling from 132MW to over 2GW, while its 4-12 months build time and 13-year track record of 100% uptime remain key differentiators.
What’s New
- AI boom beneficiary. The AI boom is generating positive spillover effects across the broader ecosystem in Indonesia, benefitting data centre operators, construction companies, industrial estate developers, and utilities. This trend is evident from DCI Indonesia’s (DCII) expansion, with the company developing an additional 120MW in the H1 area, which should further increase demand for utilities and power supply from providers such as Cikarang Listrindo (POWR). Furthermore, NexAI Digital Infrastruktur’s planned data centre development of 42MW in Kawasan Industri Jababeka (KIJA) should create additional demand for industrial estate demand and power supply, benefitting both KIJA and POWR.
- Power generation footprint in Bekasi. POWR has an integrated power infrastructure platform serving five of the largest industrial estates in Bekasi, covering MM2100, East Jakarta Industrial Park, Hyundai Inti Development, Lippo Cikarang and Jababeka Industrial Estate. The company serves over 96% of industrial estate tenants, providing a strong captive customer base as these estates continue to expand. Its generation and transmission network includes the 755MW gas and steam power plant (PLTGU) Jababeka, 109MW gas power plant (PLTG) MM-2100, and 280MW stream power plant (PLTU) Babelan, including 70MW co-firing capacity. POWR also operates 50.5MWp of solar capacity as per 1H26, providing an additional renewable power source. Additionally, the company is currently commissioning a 50 MW gas engine project in MM-2100.
- Input cost is passed through to customers. Electricity input costs are generally passed through to customers. This helps mitigate direct exposure to fluctuations in fuel costs and provides greater visibility on margins. POWR operates a diversified fuel mix. The current portfolio includes approximately 280MW of coal capacity with approximately 25% biomass mix. The current power generation portfolio includes approximately 280MW of coal-fired capacity with a 25% biomass mix, alongside 864MW of gas-fired generation capacity. For gas, POWR indicated several pricing references, including around US$8.20/MMBtu from Pertamina EP, and approximately US$9.00/MMBtu from PGN, depending on the source and contract.
- Increasing power demand from data centres. Current data centre usage is approximately 274MVA, expected to increase to around 303MVA by end-26, 385MVA by 2027, and approximately 447MVA by 2028, based on existing customer forecasts and expected ramp-up. Nevertheless, contracted demand does not immediately translate into full electricity consumption. Customers typically require time to ramp up their power usage, meaning the timing of actual utilisation remains an important variable for POWR. POWR is continuing negotiations with customers on additional contracted capacity, with some potential commitments expected around end-26 or in 2027.
Analyst
Analyst
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