In the context of accelerating electrification ratios, the power plant construction program with a total capacity of 35,000 MW is proclaimed by the Government of Indonesia. The portion of the program is shared to PT PLN, the state owned enterprises, and IPP as a private power plant, with the largest portion being given to the IPP. Amidst the declining market share conditions and the obligation of PT XYZ as a subsidiary of PT PLN to participate in the success of this program, the right competitive strategy formulation is needed to remain competitive. Data collection through questionnaires and in-depth interviews with experts was then carried out. Based on the strategic analysis tools used (PEST, external internal matrix, SWOT matrix, and QSPM), it was obtained that the current position of PT XYZ is grow and build. The priority strategy selected was to increase reliability in the plant operation. Ten main work programs were then developed to support the strategy implementation.