ANALISIS SENSITIVITAS STRUKTUR MODAL PT. PERTAMINA GAS DALAM RANGKA PENETAPAN TOLL FEE OLEH BPH MIGAS STUDI KASUS PADA PT. PERTAMINA GAS RUAS ARUN - BELAWAN

BASUKI RAHMAD SALEH, Mamduh M. Hanafi, Dr., M.B.A.

2017 | Tesis | S2 MANAJEMEN (MM) JAKARTA

INTISARI Kegiatan usaha gas bumi merupakan jenis kegiatan prasarana umum (public utilities) yang mengandung kegiatan monopoli dan kegiatan potensial untuk dikompetisikan. Untuk memastikan perusahaan yang melakukan kegiatan usaha yang bersifat monopoli dapat mempertahankan biaya pengeluaran yang rendah dan mengoperasikan jaringannya secara efisien, maka suatu badan pengatur independen (Regulator) harus melakukan pengaturan terhadap laju pengembalian (rate of return), pendapatan yang diperbolehkan (permitted income) atau peraturan lain yang serupa. Pembatasan pendapatan terhadap transporter dari tarif yang ditetapkan oleh Regulator, pada umumnya dilakukan dengan membatasi IRR (Internal Rate of Return) yang besarnya sama dengan WACC (Weighted Average Cost of Capital). Salah satu variabel penting yang mempengaruhi harga gas bumi adalah variabel pembentuk toll fee pengangkutan gas bumi. Pembentukan toll fee pengangkutan gas tersebut didasarkan pada efisiensi penggunaan jumlah ekuitas pada struktur modal yang digunakan untuk investasi pembangunan jaringan pipa gas bumi. BPH Migas sebagai regulator berkepentingan dalam membuat efisiensi pemenuhan kebutuhan dana, sehingga perlu dilakukan kajian alternatif-alternatif pendanaan yang efisien. Perusahaan-perusahaan gas bumi biasanya menggunakan dana bank dalam jumlah besar untuk membangun proyek pembangunan jaringan pipa gas bumi di Amerika Serikat. Berdasarkan data pendanaan proyek pipa gas bumi dari Federal Energy Regulatory Commission (FERC) dalam beberapa tahun terakhir, proyek-proyek tersebut telah menggunakan dana bank sebesar 70% - 80% dari total biaya konstruksi mereka. Dengan demikian, komponen dana bank pada struktur modal mereka akan menjadi 70% - 80% sehingga toll fee pengangkutan gas bumi melalui pipa yang ditetapkan oleh FERC menjadi lebih rendah. Hal tersebut karena cost of debt selalu lebih rendah dari cost of equity. Penelitian ini menganalisis struktur modal ideal penetapan toll fee oleh BPH Migas studi kasus pada PT. Pertamina Gas ruas Arun-Belawan. PT. Pertamina Gas sebagai perusahaan pengangkutan gas bumi melalui pipa terbesar di Indonesia. Menurut catatan BPH Migas pada tahun 2016, saat ini industri membeli gas di Indonesia pada kisaran harga USD 7-10 per mmbtu, sedangkan di ruas transmisi Arun – Belawan, harga menembus USD 14 per mmbtu. Harga tersebut lebih tinggi bila dibandingkan dengan harga gas industri di negara tetangga, rata-rata USD 4-5 per mmbtu. Penelitian ini akan menganalisis struktur modal khususnya pengaruh penggunaan dana bank dan pembatasan ekuitas dalam meningkatkan efisiensi kegiatan usaha gas bumi nasional sebagai dasar usulan revisi Peraturan BPH Migas No. 8 Tahun 2013. Kata kunci: Pengangkutan Gas Bumi melalui Pipa, Toll fee, WACC, IRR, Permitted Income, Cost of Debt, Cost of Equity

ABSTRACT The enterprise activities of natural gas are types of public infrastructures which consist of potential and monopolistic actions where both actions are intended to compete. Independent regulatory bodies that should be responsible for the arrangement of several issues concerning the rate of return and permitted income or relevant regulations are needed to ensure that the monopolistic industry to be able to maintain low expenses and to run its networks expeditiously. Income restrictions towards transporter where its price list has been determined by the Indonesian regulators are commonly conducted by restraining the Internal Rate of Return (IRR) whereas its values are equal to the Weighted Average Cost of Capital (WACC). One of significance variables which influence the price of natural gas is the making process of toll fee in terms of the transportation of natural gas. The establishment of the toll fee is based on the efficient use of total equity on the capital structure which is utilized for a construction investment of natural gas pipeline network. BPH Migas as a regulator that has concern in configuring the efficiency of funds fulfillment, conducted several alternative studies on budgeting strategies which intended to ensure that their funding was allocated thoroughly in a well-organized manner. Several natural gas entities normally utilized large amount of bank funds to build development projects of natural gas pipeline networks in the United States of America. Per data of natural gas pipeline project funding obtained from the Federal Energy Regulatory Commission (FERC) in recent years, the projects have used the bank funds at 70-80% from their total construction projects. Hence, the bank fund components on their capital structures would be around 70%-80% so that the toll fee of the transportation of natural gas through pipelines which was determined by the FERC would be lower. This condition happened due to the fact that cost of debt is always lower than the cost of equity. This research investigated the ideal capital structure for the determination of toll fee by BPH Migas by performing a case study of PT Pertamina Gas, the largest gas company, segment of Arun-Belawan. Based on BPH Migas (2016), currently the industry bought gas in Indonesia at prices within range 7-10 USD/mmbtu. Nevertheless, in the Arun-Belawan segment, the price reached 14 USD/mmbtu. That price was dramatically higher compared to the neighboring countries, 4-5 USD/mmbtu. The study examined the capital structures particularly the impact of the use of bank funds and the limitation of equity in improving efficiency of natural gas commercial activities in national scale as a basic proposition to revise the Regulation of BPH Migas Number 8 of 2013. Keywords: Transportation of natural gas through pipelines, Toll fee, WACC, IRR, Permitted Income, Cost of debt, Cost of equity

Kata Kunci : Pengangkutan Gas Bumi melalui Pipa, Toll fee, WACC, IRR, Permitted Income, Cost of Debt, Cost of Equity