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In 2022, PT PLN (Persero) holding was established as part of a strategic initiative led by the Minister of State-Owned Enterprises (SOEs) to streamline core businesses within SOEs. This involved the creation of four subholdings: PLN Indonesia Power, PLN Nusantara Power, PLN Energi Primer Indonesia, and PLN Icon Plus. PLN Energi Primer Indonesia (EPI) specializes in providing primary energy and biomass and innovating during the energy transition. However, two subsidiaries, PT Artha Daya Coalindo and PT Pertadaya Gas, are not yet integrated into the PLN Group. To address this, PT PLN (Persero) has tasked PT PLN Energi Primer Indonesia with conducting an alignment study. In parallel, the present study aims to evaluate whether the proposed strategy contributes to Economic Value Added (EVA) within the PLN Group. It employs analytical techniques such as core competency analysis, financial analysis, and heartland matrices. The findings suggest that a strong core competency analysis and stable financial ratios position the company favorably within the heartland matrix, resulting in positive EVA values. Conversely, weak core competency analysis and unstable financial ratios lead to the opposite outcome. In conclusion, the alignment efforts led by PLN EPI should prioritize future business and income generation to strengthen core competency analysis and maintain strong financial ratios, thus ensuring the generation of robust EVA values.
Charisma et al. (Thu,) studied this question.