K&M served as lead advisor to Indonesia’s national electric utility, PT Perusahaan Listrik Negara (PLN), in renegotiating its IPP contracts. This effort was directed at reducing the significant financial burden that PLN faced in the aftermath of the Asian financial crisis, whilst trying to maintain investor confidence in the sector. The renegotiations also had to assure investors that they would not lose their investment, but would receive lower returns. After a detailed analysis of the terms and costs of project agreements for 28 IPPs with a total capacity of more than 11,091 MW (coal, geothermal, gas, diesel and hydro), K&M developed a renegotiation strategy and plan, and then supported PLN through the negotiation of project agreements with each developer. The renegotiations were successfully completed and PLN saved millions of dollars.