<![CDATA[Penelitian ini mengevaluasi hubungan energi terbarukan dengan kinerja pembangkitan dan kinerja keuangan PT PLN (Persero), serta menguji peran mediasi kinerja pembangkitan. Pendekatan kuantitatif eksplanatori digunakan pada 12 observasi tahunan periode 2014–2025 yang bersumber dari laporan resmi PLN dan statistik ketenagalistrikan. Analisis dilakukan dengan Structural Equation Modeling–Partial Least Squares (SEM-PLS). Renewable Energy direpresentasikan oleh kapasitas EBT dan porsi energi terbarukan, sedangkan Kinerja Pembangkitan mencakup indikator operasional seperti capacity factor dan generation, dan Kinerja Keuangan menggunakan rasio profitabilitas pada dataset penelitian. Hasil model struktural menunjukkan hubungan sangat kuat antara Renewable Energy dan Kinerja Pembangkitan (β=0,995; p<0,001; R²=0,989). Namun, Renewable Energy tidak berhubungan signifikan dengan Kinerja Keuangan (p=0,555), Kinerja Pembangkitan juga tidak berhubungan signifikan dengan Kinerja Keuangan (p=0,537), dan pengaruh tidak langsung melalui Kinerja Pembangkitan tidak signifikan (p=0,538). Evaluasi model pengukuran menunjukkan HTMT sebesar 1,000 antara Renewable Energy dan Kinerja Pembangkitan, sehingga validitas diskriminan kedua konstruk belum terpenuhi. Oleh karena itu, koefisien jalur yang sangat tinggi perlu ditafsirkan secara hati-hati. Temuan mengindikasikan bahwa perubahan energi terbarukan lebih tampak beriringan dengan indikator operasional daripada dengan profitabilitas agregat, tetapi re-spesifikasi konstruk dan data yang lebih kaya diperlukan sebelum menarik kesimpulan kausal atau kebijakan yang kuat. This study evaluates the relationships between renewable energy, generation performance, and the financial performance of PT PLN (Persero), while testing the mediating role of generation performance. An explanatory quantitative approach was applied to 12 annual observations for 2014–2025 obtained from PLN official reports and national electricity statistics. The model was estimated using Structural Equation Modeling–Partial Least Squares (SEM-PLS). Renewable Energy was represented by renewable installed capacity and renewable energy share; Generation Performance included operational indicators such as capacity factor and electricity generation; and Financial Performance used profitability ratios available in the research dataset. The structural model showed a very strong relationship between Renewable Energy and Generation Performance (β=0.995; p<0.001; R²=0.989). However, Renewable Energy was not significantly related to Financial Performance (p=0.555), Generation Performance was not significantly related to Financial Performance (p=0.537), and the indirect effect through Generation Performance was not significant (p=0.538). Measurement-model evaluation produced an HTMT value of 1.000 between Renewable Energy and Generation Performance, indicating that discriminant validity between the two constructs was not established. The very high path coefficient should therefore be interpreted cautiously. The findings suggest that renewable-energy changes are more visibly associated with operational indicators than with aggregate profitability, but construct re-specification and richer data are required before strong causal or policy conclusions can be drawn.]]>
