Satuan Variabel No Pesimis Dasar Optimis

Milyar kWh Market Size 1 6 7 8

Persen Market Share 2 80% 90% 95%
Rp/kWh Harga per kWh 3 750 1000 1200
Milyar Var cost 4 500 400 350
Milyar Fixed Cost 5 2000 1680 1500
Milyar Nilai Investasi 6 4,500 3,500 3,000
NPV
(Rp Milyar) IRR
No
Pesimis Dasar Optimis Pesimis Dasar
1 1,008.6 3,723.9 26.62%
2 1,310.3 2,894.2 29.93%
3 - 1,740.1 5,534.1 -8.88%
2,366.3 41.04%
4 782.4 3,158.2 24.10%
5 1,561.8 2,818.8 32.63%
6 1,533.9 2,782.5 28.65%
IRR
Optimis
54.60%
46.39%
71.86%
49.03%
45.64%
49.90%
Nilai Capex 3,500 Milyar
Market Size 6 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 5,400,000,000,000
Fixed Cost+Variabel Cost 3,840,000,000,000
EBITDA 1,560,000,000,000
D&A 700,000,000,000
EBIT 860,000,000,000
Net Profit 645,000,000,000

NET CASH FLOW - 3,500,000,000,000 1,345,000,000,000

NPV - 3,500,000,000,000 1,169,565,217,391
Milyar -3500 1,345

NPV 1,008,648,606,825 Rp
1,009 Milyar

IRR 26.62%
 2 3 4 5

5,400,000,000,000 5,400,000,000,000 5,400,000,000,000 5,400,000,000,000

3,840,000,000,000 3,840,000,000,000 3,840,000,000,000 3,840,000,000,000
1,560,000,000,000 1,560,000,000,000 1,560,000,000,000 1,560,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
860,000,000,000 860,000,000,000 860,000,000,000 860,000,000,000
645,000,000,000 645,000,000,000 645,000,000,000 645,000,000,000

1,345,000,000,000 1,345,000,000,000 1,345,000,000,000 1,345,000,000,000

1,017,013,232,514 884,359,332,621 769,008,115,323 668,702,708,976
1,345 1,345 1,345 1,345
1,008,648,606,825
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 80%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 5,600,000,000,000
Fixed Cost+Variabel Cost 3,920,000,000,000
EBITDA 1,680,000,000,000
D&A 700,000,000,000
EBIT 980,000,000,000
Net Profit 735,000,000,000

NET CASH FLOW - 3,500,000,000,000 1,435,000,000,000

NPV - 3,500,000,000,000 1,247,826,086,957
Milyar -3500 1,435

NPV 1,310,342,565,646 Rp
1,310 Milyar

IRR 29.93%
 2 3 4 5

5,600,000,000,000 5,600,000,000,000 5,600,000,000,000 5,600,000,000,000

3,920,000,000,000 3,920,000,000,000 3,920,000,000,000 3,920,000,000,000
1,680,000,000,000 1,680,000,000,000 1,680,000,000,000 1,680,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
980,000,000,000 980,000,000,000 980,000,000,000 980,000,000,000
735,000,000,000 735,000,000,000 735,000,000,000 735,000,000,000

1,435,000,000,000 1,435,000,000,000 1,435,000,000,000 1,435,000,000,000

1,085,066,162,571 943,535,793,540 820,465,907,426 713,448,615,153
1,435 1,435 1,435 1,435
1,310,342,565,646
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 750 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 4,725,000,000,000
Fixed Cost+Variabel Cost 4,200,000,000,000
EBITDA 525,000,000,000
D&A 700,000,000,000
EBIT - 175,000,000,000
Net Profit - 175,000,000,000

NET CASH FLOW - 3,500,000,000,000 525,000,000,000

NPV - 3,500,000,000,000 456,521,739,130
Milyar -3500 525

NPV - 1,740,118,573,544 Rp
- 1,740 Milyar

IRR -8.88%
 2 3 4 5

4,725,000,000,000 4,725,000,000,000 4,725,000,000,000 4,725,000,000,000

4,200,000,000,000 4,200,000,000,000 4,200,000,000,000 4,200,000,000,000
525,000,000,000 525,000,000,000 525,000,000,000 525,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
- 175,000,000,000 - 175,000,000,000 - 175,000,000,000 - 175,000,000,000
- 175,000,000,000 - 175,000,000,000 - 175,000,000,000 - 175,000,000,000

525,000,000,000 525,000,000,000 525,000,000,000 525,000,000,000

396,975,425,331 345,196,022,027 300,170,453,936 261,017,786,032
525 525 525 525
- 1,740,118,573,544
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 500 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 6,300,000,000,000
Fixed Cost+Variabel Cost 4,830,000,000,000
EBITDA 1,470,000,000,000
D&A 700,000,000,000
EBIT 770,000,000,000
Net Profit 577,500,000,000

NET CASH FLOW - 3,500,000,000,000 1,277,500,000,000

NPV - 3,500,000,000,000 1,110,869,565,217
Milyar -3500 1,278

NPV 782,378,137,710 Rp
782 Milyar

IRR 24.10%
 2 3 4 5

6,300,000,000,000 6,300,000,000,000 6,300,000,000,000 6,300,000,000,000

4,830,000,000,000 4,830,000,000,000 4,830,000,000,000 4,830,000,000,000
1,470,000,000,000 1,470,000,000,000 1,470,000,000,000 1,470,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
770,000,000,000 770,000,000,000 770,000,000,000 770,000,000,000
577,500,000,000 577,500,000,000 577,500,000,000 577,500,000,000

1,277,500,000,000 1,277,500,000,000 1,277,500,000,000 1,277,500,000,000

965,973,534,972 839,976,986,932 730,414,771,245 635,143,279,344
1,278 1,278 1,278 1,278
782,378,137,710
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 2000 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 6,300,000,000,000
Fixed Cost+Variabel Cost 4,520,000,000,000
EBITDA 1,780,000,000,000
D&A 700,000,000,000
EBIT 1,080,000,000,000
Net Profit 810,000,000,000

NET CASH FLOW - 3,500,000,000,000 1,510,000,000,000

NPV - 3,500,000,000,000 1,313,043,478,261
Milyar -3500 1,510

NPV 1,561,754,197,997 Rp
1,562 Milyar

IRR 32.63%
 2 3 4 5

6,300,000,000,000 6,300,000,000,000 6,300,000,000,000 6,300,000,000,000

4,520,000,000,000 4,520,000,000,000 4,520,000,000,000 4,520,000,000,000
1,780,000,000,000 1,780,000,000,000 1,780,000,000,000 1,780,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
1,080,000,000,000 1,080,000,000,000 1,080,000,000,000 1,080,000,000,000
810,000,000,000 810,000,000,000 810,000,000,000 810,000,000,000

1,510,000,000,000 1,510,000,000,000 1,510,000,000,000 1,510,000,000,000

1,141,776,937,618 992,849,510,972 863,347,400,845 750,736,870,300
1,510 1,510 1,510 1,510
1,561,754,197,997
Nilai Capex 4,500 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 900 Milyar

Uraian 0 1
Capex 4,500,000,000,000
Revenue 6,300,000,000,000
Fixed Cost+Variabel Cost 4,200,000,000,000
EBITDA 2,100,000,000,000
D&A 900,000,000,000
EBIT 1,200,000,000,000
Net Profit 900,000,000,000

NET CASH FLOW - 4,500,000,000,000 1,800,000,000,000

NPV - 4,500,000,000,000 1,565,217,391,304
Milyar -4500 1,800

NPV 1,533,879,176,421 Rp
1,534 Milyar

IRR 28.65%
 2 3 4 5

6,300,000,000,000 6,300,000,000,000 6,300,000,000,000 6,300,000,000,000

4,200,000,000,000 4,200,000,000,000 4,200,000,000,000 4,200,000,000,000
2,100,000,000,000 2,100,000,000,000 2,100,000,000,000 2,100,000,000,000
900,000,000,000 900,000,000,000 900,000,000,000 900,000,000,000
1,200,000,000,000 1,200,000,000,000 1,200,000,000,000 1,200,000,000,000
900,000,000,000 900,000,000,000 900,000,000,000 900,000,000,000

1,800,000,000,000 1,800,000,000,000 1,800,000,000,000 1,800,000,000,000

1,361,058,601,134 1,183,529,218,378 1,029,155,842,067 894,918,123,537
1,800 1,800 1,800 1,800
1,533,879,176,421
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 6,300,000,000,000
Fixed Cost+Variabel Cost 4,200,000,000,000
EBITDA 2,100,000,000,000
D&A 700,000,000,000
EBIT 1,400,000,000,000
Net Profit 1,050,000,000,000

NET CASH FLOW - 3,500,000,000,000 1,750,000,000,000

NPV - 3,500,000,000,000 1,521,739,130,435
Milyar -3500 1,750

NPV 2,366,271,421,520 Rp
2,366 Milyar

IRR 41.04%
 2 3 4 5

6,300,000,000,000 6,300,000,000,000 6,300,000,000,000 6,300,000,000,000

4,200,000,000,000 4,200,000,000,000 4,200,000,000,000 4,200,000,000,000
2,100,000,000,000 2,100,000,000,000 2,100,000,000,000 2,100,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
1,400,000,000,000 1,400,000,000,000 1,400,000,000,000 1,400,000,000,000
1,050,000,000,000 1,050,000,000,000 1,050,000,000,000 1,050,000,000,000

1,750,000,000,000 1,750,000,000,000 1,750,000,000,000 1,750,000,000,000

1,323,251,417,769 1,150,653,406,756 1,000,568,179,788 870,059,286,772
1,750 1,750 1,750 1,750
2,366,271,421,520
Nilai Capex 3,500 Milyar
Market Size 8 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 7,200,000,000,000
Fixed Cost+Variabel Cost 4,560,000,000,000
EBITDA 2,640,000,000,000
D&A 700,000,000,000
EBIT 1,940,000,000,000
Net Profit 1,455,000,000,000

NET CASH FLOW - 3,500,000,000,000 2,155,000,000,000

NPV - 3,500,000,000,000 1,873,913,043,478
Milyar -3500 2,155

NPV 3,723,894,236,215 Rp
3,724 Milyar

IRR 54.60%
 2 3 4 5

7,200,000,000,000 7,200,000,000,000 7,200,000,000,000 7,200,000,000,000

4,560,000,000,000 4,560,000,000,000 4,560,000,000,000 4,560,000,000,000
2,640,000,000,000 2,640,000,000,000 2,640,000,000,000 2,640,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
1,940,000,000,000 1,940,000,000,000 1,940,000,000,000 1,940,000,000,000
1,455,000,000,000 1,455,000,000,000 1,455,000,000,000 1,455,000,000,000

2,155,000,000,000 2,155,000,000,000 2,155,000,000,000 2,155,000,000,000

1,629,489,603,025 1,416,947,480,891 1,232,128,244,253 1,071,415,864,568
2,155 2,155 2,155 2,155
3,723,894,236,215
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 95%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 6,650,000,000,000
Fixed Cost+Variabel Cost 4,340,000,000,000
EBITDA 2,310,000,000,000
D&A 700,000,000,000
EBIT 1,610,000,000,000
Net Profit 1,207,500,000,000

NET CASH FLOW - 3,500,000,000,000 1,907,500,000,000

NPV - 3,500,000,000,000 1,658,695,652,174
Milyar -3500 1,908

NPV 2,894,235,849,457 Rp
2,894 Milyar

IRR 46.39%
 2 3 4 5

6,650,000,000,000 6,650,000,000,000 6,650,000,000,000 6,650,000,000,000

4,340,000,000,000 4,340,000,000,000 4,340,000,000,000 4,340,000,000,000
2,310,000,000,000 2,310,000,000,000 2,310,000,000,000 2,310,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
1,610,000,000,000 1,610,000,000,000 1,610,000,000,000 1,610,000,000,000
1,207,500,000,000 1,207,500,000,000 1,207,500,000,000 1,207,500,000,000

1,907,500,000,000 1,907,500,000,000 1,907,500,000,000 1,907,500,000,000

1,442,344,045,369 1,254,212,213,364 1,090,619,315,969 948,364,622,581
1,908 1,908 1,908 1,908
2,894,235,849,457
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1200 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 7,560,000,000,000
Fixed Cost+Variabel Cost 4,200,000,000,000
EBITDA 3,360,000,000,000
D&A 700,000,000,000
EBIT 2,660,000,000,000
Net Profit 1,995,000,000,000

NET CASH FLOW - 3,500,000,000,000 2,695,000,000,000

NPV - 3,500,000,000,000 2,343,478,260,870
Milyar -3500 2,695

NPV 5,534,057,989,141 Rp
5,534 Milyar

IRR 71.86%
 2 3 4 5

7,560,000,000,000 7,560,000,000,000 7,560,000,000,000 7,560,000,000,000

4,200,000,000,000 4,200,000,000,000 4,200,000,000,000 4,200,000,000,000
3,360,000,000,000 3,360,000,000,000 3,360,000,000,000 3,360,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
2,660,000,000,000 2,660,000,000,000 2,660,000,000,000 2,660,000,000,000
1,995,000,000,000 1,995,000,000,000 1,995,000,000,000 1,995,000,000,000

2,695,000,000,000 2,695,000,000,000 2,695,000,000,000 2,695,000,000,000

2,037,807,183,365 1,772,006,246,404 1,540,874,996,873 1,339,891,301,629
2,695 2,695 2,695 2,695
5,534,057,989,141
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 350 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 6,300,000,000,000
Fixed Cost+Variabel Cost 3,885,000,000,000
EBITDA 2,415,000,000,000
D&A 700,000,000,000
EBIT 1,715,000,000,000
Net Profit 1,286,250,000,000

NET CASH FLOW - 3,500,000,000,000 1,986,250,000,000

NPV - 3,500,000,000,000 1,727,173,913,043
Milyar -3500 1,986

NPV 3,158,218,063,425 Rp
3,158 Milyar

IRR 49.03%
 2 3 4 5

6,300,000,000,000 6,300,000,000,000 6,300,000,000,000 6,300,000,000,000

3,885,000,000,000 3,885,000,000,000 3,885,000,000,000 3,885,000,000,000
2,415,000,000,000 2,415,000,000,000 2,415,000,000,000 2,415,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
1,715,000,000,000 1,715,000,000,000 1,715,000,000,000 1,715,000,000,000
1,286,250,000,000 1,286,250,000,000 1,286,250,000,000 1,286,250,000,000

1,986,250,000,000 1,986,250,000,000 1,986,250,000,000 1,986,250,000,000

1,501,890,359,168 1,305,991,616,668 1,135,644,884,059 987,517,290,486
1,986 1,986 1,986 1,986
3,158,218,063,425
Nilai Capex 3,500 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1500 Milyar
Var cost 400 Rp/kWh
Depresiasi 700 Milyar

Uraian 0 1
Capex 3,500,000,000,000
Revenue 6,300,000,000,000
Fixed Cost+Variabel Cost 4,020,000,000,000
EBITDA 2,280,000,000,000
D&A 700,000,000,000
EBIT 1,580,000,000,000
Net Profit 1,185,000,000,000

NET CASH FLOW - 3,500,000,000,000 1,885,000,000,000

NPV - 3,500,000,000,000 1,639,130,434,783
Milyar -3500 1,885

NPV 2,818,812,359,752 Rp
2,819 Milyar

IRR 45.64%
 2 3 4 5

6,300,000,000,000 6,300,000,000,000 6,300,000,000,000 6,300,000,000,000

4,020,000,000,000 4,020,000,000,000 4,020,000,000,000 4,020,000,000,000
2,280,000,000,000 2,280,000,000,000 2,280,000,000,000 2,280,000,000,000
700,000,000,000 700,000,000,000 700,000,000,000 700,000,000,000
1,580,000,000,000 1,580,000,000,000 1,580,000,000,000 1,580,000,000,000
1,185,000,000,000 1,185,000,000,000 1,185,000,000,000 1,185,000,000,000

1,885,000,000,000 1,885,000,000,000 1,885,000,000,000 1,885,000,000,000

1,425,330,812,854 1,239,418,098,134 1,077,754,867,943 937,178,146,037
1,885 1,885 1,885 1,885
2,818,812,359,752
Nilai Capex 3,000 Milyar
Market Size 7 Milyar kWh
Market Share 90%
Investasi 5 straight line
Tarif Pajak 25%
Discount Rate 15%
Harga per kWh 1000 Rp
Fixed Cost 1680 Milyar
Var cost 400 Rp/kWh
Depresiasi 600 Milyar

Uraian 0 1
Capex 3,000,000,000,000
Revenue 6,300,000,000,000
Fixed Cost+Variabel Cost 4,200,000,000,000
EBITDA 2,100,000,000,000
D&A 600,000,000,000
EBIT 1,500,000,000,000
Net Profit 1,125,000,000,000

NET CASH FLOW - 3,000,000,000,000 1,725,000,000,000

NPV - 3,000,000,000,000 1,500,000,000,000
Milyar -3000 1,725

NPV 2,782,467,544,070 Rp
2,782 Milyar

IRR 49.90%
 2 3 4 5

6,300,000,000,000 6,300,000,000,000 6,300,000,000,000 6,300,000,000,000

4,200,000,000,000 4,200,000,000,000 4,200,000,000,000 4,200,000,000,000
2,100,000,000,000 2,100,000,000,000 2,100,000,000,000 2,100,000,000,000
600,000,000,000 600,000,000,000 600,000,000,000 600,000,000,000
1,500,000,000,000 1,500,000,000,000 1,500,000,000,000 1,500,000,000,000
1,125,000,000,000 1,125,000,000,000 1,125,000,000,000 1,125,000,000,000

1,725,000,000,000 1,725,000,000,000 1,725,000,000,000 1,725,000,000,000

1,304,347,826,087 1,134,215,500,945 986,274,348,648 857,629,868,390
1,725 1,725 1,725 1,725
2,782,467,544,070