This study investigates how Indonesia can achieve its ambitious decarbonization goals for the power sector. The study analyzes the economics of two decarbonization strategies for Coal Fired Power Plant (CFPP): early retirement by 10 years and replacing it with solar power, compared to retrofitting the CFPP with carbon capture and storage (CCS) technology. The report recommends a multi-pronged approach: strategically retiring coal plants while least-prioritizing the use of CCS on CFPPs, creating a clear national plan for coal phase-out, and implementing carbon pricing to incentivize renewables.