Yearender 2020: Indonesian energy demand collapses to record lows

Yearender 2020: Indonesian energy demand collapses to record lows

The Jakarta Post-Business·2020-12-23 15:04

The COVID-19 pandemic hit the global energy market, including Indonesia, this year, as industry players were pressured by low demand due to virus containment measures. Domestic demand for fuel, gas and electricity began declining in late March, as Indonesia announced its first COVID-19 case earlier that month. President Joko “Jokowi” Widodo then instructed people to work and study from home after a rise in virus cases. However, it was in April that energy demand plummeted to historic lows as regional administrations, led by Jakarta, enacted large-scale social restrictions (PSBB) to contain the escalating pandemic. All but several strategic industries, such as food, finance and medicine, were forced to shut down.  Indonesia’s two biggest energy companies, state-owned oil giant Pertamina and electricity monopoly PLN, saw their net profits sink into negative ...

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