ABSTRAK
Kondisi penyediaan listrik di Indonesia terlihat ironis. Terjadi kekurangan pasokan listrik di tengah beragamnya potensi sumber energi primer. Namun, PLN tidak dapat memilih sumber energi primer yang efisien seperti tenaga air dan energi panas bumi. Pilihan tersebut masih didominasi oleh bahan bakar fosil. PLN adalah satu-satunya penjual listrik kepada masyarakat dan juga pembeli tunggal listrik dari pemasok yang selanjutnya disebut sebagai perusahaan restricted monopoly. Penelitian ini berupaya mengungkap proses pengambilan keputusan strategis pemilihan jenis pembangkit oleh TMT PLN periode 1998 ndash;2014 dengan mengembangkan pendekatan strategic choices melalui metodologi kualitatif pada studi kasus tunggal. Hasil penelitian menunjukkan bahwa teori-teori dasar manajemen stratejik yang ada selama ini, diantaranya: resource-based view, market-based view, agency theory dan shareholder theory tidak dapat diterapkan dalam konteks pengambilan keputusan strategis pada corporate strategy level untuk perusahaan seperti PLN yang sepenuhnya dimiliki negara sekaligus sebagai pemegang kuasa atas sumberdaya. Namun, kepemilikan saham oleh pemerintah ini terbagi pada kekuatan stakeholders utama lainnya yang memiliki kedudukan yang sama dalam pemerintahan dengan kepentingannya masing-masing atau mempunyai three masters under one shareholder.Dengan kondisi tersebut, pengambilan keputusan PLN dihadapkan pada konflik kepentingan diantara tiga master tersebut, keterbatasan keuangan perusahaan, beragam bentuk pengawasan dari pemerintah, dan dinamika percaturan politik. Selain itu, dipertimbangkan pula perencanaan strategis bauran energi primer yang dilihat dari perkiraan kebutuhan listrik, kebijakan energi nasional, serta ketersediaan energi primer. Implikasi hasil penelitian diarahkan pada pengembangan teori pada ilmu manajemen stratejik di perusahaan publik dengan memperluas keterkaitan antara strategic management dengan political economy. Kompleksitas peran negara yang diwakili oleh tiga institusi dalam pengelolaan sumberdaya secara strategis menimbulkan ketidakpastian keberlanjutan penyediaan listrik jangka panjang. Meskipun demikian, bagaimana cara paling sesuai untuk pengelolaan BUMN seperti ini dari sudut pandang ilmu manajemen stratejik akan menjadi tantangan untuk didalami lebih lanjut

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ABSTRACT
In Indonesia, electricity supply condition looks ironic. There has been a shortage of electricity supply amid diverse primary energy resources. However, PLN cannot perform on the choice of the efficient primary energy resources like hydro and geothermal energy. It is still dominated by fossil fuel. PLN is the sole seller of electricity to the public as well as the single buyer from suppliers hereinafter referred to as a restricted monopoly company. This research attempts to reveal the strategic decision making process of choosing the type of power plants by PLN TMT of 1998 2014 periods with developing strategic choices approach through qualitative methodology on a single case study.The result of this research shows that basic theories of strategic management that exist so far, including resource based view, market based view, agency theory and shareholder theory cannot be applied in the context of strategic decision making at the corporate strategy level for such companies as PLN, which is fully owned by the state as well as the holder of resources. However, ownership by the government is divided on the power of other major stakeholders who have the same position in the government with their own interests or having three masters under one the shareholder.Under these conditions, decision making by PLN faced with a conflict of interests among the three masters, limited financial capacity to invest, various forms of government supervision, and the dynamics of political arena. In addition, it is also taken into consideration the strategic planning of primary energy mix that viewed from estimation of electricity demand in accordance with customer load behavior and generation technologies, national energy policy that still requires General Plan on National Energy RUEN in order to integrate the energy management plan by the state and the Electricity Supply Business Plan by PLN, as well as the availability of primary energy to fulfill electricity needs in the long term. Finally, the implication of this research is directed to reinforce of thought in developing the theory on the science of strategic management in public companies especially those that doing business in the electricity sector by extending the linkages between strategic management with political economy. The complexities of the state role as represented by three institutions in managing resource strategically lead to uncertainty of the electricity supply sustainability. Nevertheless, how the most appropriate way to manage the state owned enterprises like this from the perspective of strategic management will be challenging to be explored further.