The Energy Regulator has voted to reject Eskom’s fifth multiyear price determination (MYPD5) application for the three financial years from 2022/23 to 2024/25 and will now request the utility to make a new submission under a new methodology, which is yet to be finalised. The State-owned utility told Engineering News & Mining Weekly that it was “considering the options available to it in terms of the law” following the decision and stressed that it was committed to ensuring that the required legal and consultation processes were followed.
Crowd-based solar leasing platform Sun Exchange has secured $2.5-million in convertible note financing from Mauritian private equity fund ARPF, which is advised by London-based ARCH Emerging Markets Partners (ARCH). This follows the company’s close of a $4-million Series A funding round in 2020, led by a $3-million investment from ARCH.
The German government will contribute €100-million to the African Development Bank’s Sustainable Energy Fund for Africa (Sefa), affirming its commitment to efforts to tap Africa’s renewable energy potential and drive its transition to clean energy sources. The funding will be used to unlock private sector investment in green baseload projects. Specifically, it will support technical assistance and investment in power generation, transmission and distribution to increase penetration of renewable power in African grids.
South Africa’s energy minister encouraged investment in technology that could potentially prolong the use of coal by mitigating emissions while a visiting delegation of rich nations were working on a plan to end the nation’s dependence on the fossil fuel. The call by Mineral and Energy Resources Minister Gwede Mantashe at a mining investment conference comes as envoys from the US, UK, Germany, France and the European Union meet with South African ministers, labour and business leaders around a $5-billion fund to reduce the country’s dependence on coal.
Sub-Saharan Africa needs $240-billion for the region to transition to a clean energy, South African President Cyril Ramaphosa told reporters in Johannesburg on Wednesday. “We need grant funding to help us transition,” he said. “If we get the funding we will migrate far quicker to renewable energy.”
The International Energy Agency’s (IEA’s) ‘Achievements of Energy Efficiency Appliance and Equipment Standards and Labelling Programmes’ report states that labelling electrical equipment according to energy performance helps consumers make informed buying decisions, leading to billions of dollars of savings on electricity and avoiding 300-million tonnes of carbon dioxide emissions a year. “This is exciting news for South Africa, as the study echoes the experience that we have had with our local Energy Efficiency Standards and Labelling (EES&L) programmes,” says South African National Energy Development Institute (SANEDI) energy efficiency & corporate communications GM Barry Bredenkamp.
Envoys from some of the world’s richest nations met with South African cabinet ministers on Tuesday to discuss a climate deal that could see billions of dollars put toward ending the country’s dependence on coal. The delegation is trying to hammer out an agreement that can be announced at the COP26 climate talks, which start in Glasgow, Scotland on Oct. 31, two people familiar with the talks said. The discussions with South Africa — the world’s 12th-biggest emitter of greenhouse gases — include representatives from the US, UK, Germany, France and the European Union.
The South African Nuclear Energy Corporation (Necsa) on Wednesday announced its support of the recent National Energy Regulator of South Africa (Nersa) decision to approve the Section 34 (of the Electricity Regulation Act) Determination for 2 500 MW of new nuclear energy. Necsa described this approval by Nersa as “a step in the right direction”, to ensure that nuclear energy would continue to be part of the country’s energy mix (in line with the Integrated Resource Plan 2020). “The approval of the 2 500 MW comes at a critical time when the South Africa economy needs resuscitation following the devastation of the Covid-19 pandemic,” affirmed Necsa board chairperson Dave Nicholls. “This will play a role in job creation which will assist in the dire state of unemployment in the country.”
A Just Transition Transaction (JTT) that enables South Africa to secure highly concessional finance from rich countries in return for accelerated decarbonisation would help create the fiscal space required to take such a programme forward, a new Meridian Economics study asserts. Released to coincide with the visit to South Africa of climate envoys from Europe, the UK and the US ahead of the upcoming COP26 gathering in Glasgow, Scotland, the study argues that such a transaction could yield interest savings of R100-billion over 25 years and unlock the R750-billion in investment needed to support the country’s transition from coal to renewables.
The Democratic Republic of Congo (DRC) began reviewing a $6.2-billion minerals-for-infrastructure deal with China that’s faced growing criticism since President Felix Tshisekedi came to power almost three years ago. Congo’s council of ministers agreed to create a commission to investigate “major legal, technical and financial problems observed in the collaboration agreement” between the two countries, according to minutes from the meeting published on the website of the prime minister’s office. The council asked the commission to present its findings in two weeks.
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