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This report by Trend Asia examines the role of large conglomerates, state-owned enterprises, and politically connected corporations in Indonesia's energy transition, specifically focusing on the development of energy plantation forests (HTE) for biomass co-firing in coal-fired power plants (PLTU). The document argues that the transition is being dominated by powerful actors with a history of deforestation and land conflict, potentially leading to a 'carbon debt' and further environmental degradation.