The utility says it is confident the decision will positively contribute from a financial and sustainability point of view, while the revenue determination of R319-billion and R352-billion for the financial years, respectively, will allow a further migration towards a price level that reflects the efficient cost of producing electricity.
The Underground Gravity Energy Storage (UGES) concept, developed through a study led by the International Institute for Applied Systems Analysis (IIASA), works by using the weight of sand and letting it fall down a mineshaft through regenerative braking systems that power dynamos, which produce electricity.
Professor Vincent Okudoh, associate professor for biotechnology at the university’s Department of Biotechnology and Consumer Sciences, says more people globally are recognising biogas as a safe, affordable and environment-friendly source of power.
Other areas of focus include balancing focus between the macro and microeconomic environment and appropriate policies and decisions thereto, as well as reducing the amount of burdensome “red tape” for foreign companies wanting to invest in South Africa.
This comes as the country is again experiencing Stage 6 loadshedding and follows what has been exponential loadshedding growth from 141 hours (six days) in 2018 to 3 776 hours (157 days) in 2022.
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