Mineral Resources and Energy Minister Gwede Mantashe confirmed on Tuesday that not all of the 11 Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) preferred bidders would be in a position to conclude power purchase agreements at the end of March, the deadline for the projects to reach financial close. During a Parliamentary debate on President Cyril Ramaphosa’s recent State of the Nation Address (SoNA), Mantashe said steps were being taken to address a current supply shortfall that the President estimated to be 4 000 MW, but which several commentators believe to be closer to 6 000 MW.
The City of Tshwane on Tuesday cut the power supply to the South African Revenue Service (SARS), the SA Police Service (SAPS) headquarters, and the Gautrain station in Hatfield. The City said Gautrain owed R10-million and had last paid its account in 2020.
The Coega Development Corporation (CDC) reports that it is encouraged by policy interventions announced by President Cyril Ramaphosa in his State of the Nation Address on February 10 as these could help to extend developments at the Coega Special Economic Zone (SEZ).
These interventions will unlock economic development for inclusive growth and sustainability, forming part of the Economic Reconstruction and Recovery Plan as a common programme to rebuild the economy.
A new report on ‘The role of gas in South Africa’s path to net-zero’ argues in favour of a pathway based on the importation of liquefied natural gas (LNG), which it describes as “optimal” because it minimises the risk of stranded assets and gas infrastructure lock-in post-2040. In addition, such a pathway is less complex and capital intensive than ones based on the possible exploration and development of domestic gas fields and/or the building of a pipeline to import gas from northern Mozambique.
The dirtiest fossil fuel is still raising-trillions of dollars of funding, despite finance industry pledges to back net zero carbon targets by the middle of the century. Commercial banks have channeled more than $1.5-trillion across the coal supply chain since the start of 2019, according to a report from German researcher Urgewald and its partners. The findings come just over three months after dozens of banks joined Mark Carney’s global alliance to achieve net-zero emissions from finance.
Helping African nations during the clean energy transition should be a priority of COP27 climate talks in Egypt later this year, according to the host country’s President. The continent shouldn’t miss out on the financial benefits of its oil and gas reserves, and the November summit in Sharm El-Sheikh needs to reach balanced, fair and objective resolutions to support African countries, Egyptian President Abdel-Fattah El-Sisi said. He added that the energy sector has provided decades of wealth for rich nations.
A unit of Old Mutual hired Goldman Sachs Group to help it acquire Africa-focused renewable-energy firm Lekela Power, according to people familiar with the matter. Buyout firm Actis has drawn broad interest for its 60% stake in Lekela, including bidders from China and the Middle East, said the people who asked not to be identified because the matter is still private. Old Mutual is bidding for Lekela through its African Infrastructure Investment Managers unit, they said.
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