The stand-off between Eskom and the National Treasury over funding for diesel has ended with an agreement that government will support Eskom borrowing from commercial banks, should it be unable to reprioritise its own resources. In December, Eskom declared that it had run out of money to buy more diesel, having spent R12-billion, overshooting its annual budget by more than 100% – with four months to go until the end of the financial year.
Development finance institution the International Finance Corporation (IFC) has launched the Integrated Environmental, Social and Governance (IESG) programme in South Africa to support and enable pension funds to play a greater developmental role in South Africa, said IFC South Africa and Southern Africa country manager Adamou Labara. “The importance of integrating ESG into pension funds’ processes cannot be overemphasised. Given the areas in which they invest and their footprint, they have the reach and impact to lead the financial sector [in integrating ESG principles into practices],” he said this week.
Electric motor repair service provider Marthinusen & Coutts finalised the manufacture and delivery of four new replacement field coils and poles for a 25 MVA 36-pole generator at a hydroelectric power station in Cameroon. Finalised in September, the order, booked in June, for hydropower project manager Voith Hydro in Africa, entailed the full development of tooling and jigs specially designed to suit the manufacturing needs for the coils and poles.
Capital expenditure of mining companies is increasingly being aimed at renewable energy projects and associated grid development – a trend that is likely to continue throughout this year, financial risk management, solutions and insights company Fitch Solutions commodities analyst Amelia Haines says. She notes that the use of renewable energy to accommodate current and future energy needs will be the key strategy being used by miners to reduce costs this year, as it can reduce costs in the long term, while also having the benefit of reducing threats to energy security.
Transnet Freight Rail (TFR) has set a closing date of March 20 for responses to a tender inviting original equipment manufacturers (OEMs) to step in to rehabilitate more than 160 Chinese-manufactured locomotives that are out of service, owing to the unavailability of critical spare parts. The unavailability of locomotives has affected operation on corridors used to export coal, magnetite, chrome and manganese, with the coal corridor having been particularly badly affected with the number of operational locomotives having slumped by 33%, between the 2017/18 and 2020/21 financial years, a collapse that TFR itself describes as “staggering”.
The City of Cape Town has allocated more money for generators and diesel as the country faces the worst of its energy crisis. The generators will mainly be used at sewage pump stations to prevent sewage overflows at beaches.
In what could be her last address as City of Johannesburg (CoJ) mayor, since she faces a vote of no confidence, Mpho Phalatse has announced City Power’s ‘Sustainable Energy Strategy’, which it has published with the aim of attracting funding, to help reduce the severity of loadshedding in the city.
She says the city has been on a path towards reducing its reliance on Eskom in earnest since May last year, following the Joburg Energy Indaba.
She says the city has been on a path towards reducing its reliance on Eskom in earnest since May last year, following the Joburg Energy Indaba.
Management consulting firm Kearney has appointed energy specialist Prashaen Reddy as an equity partner.
A business leader with over 13 years of experience in consulting, including six years focused on strategy and transformation in key sectors like energy, mining and chemicals, Reddy’s participatory, collaborative approach to macroeconomic challenges has earned him widespread acclaim.
Industry body SA Canegrowers has appealed to government to implement measures to mitigate the impact of loadshedding on sugarcane growers, warning that its data shows that the South African sugar industry is set to lose R723-million this year as a result of loadshedding. “With milling giant Tongaat Hulett in business rescue and the destructive Health Promotion Levy [also known as the sugar tax] already hampering the industry, these losses are potentially catastrophic for growers and the industry’s workers,” it states.
High hopes that South Africa’s government will next month lay out plans to take on a majority of the debt owed by beleaguered state utility Eskom have lifted the company’s bonds, providing some relief to investors facing a long and uncertain wait. South Africa has been struggling for years to overhaul its state-power company which is plagued by corruption and mismanagement and reeling under a R400-billion debt pile.
INDUSTRY NEWS
- DMRE to push for Cabinet approval of new-look IRP by end-March despite big revisionsNovember 26, 2024 - 6:04 pm
- NTCSA appoints EPC suppliers for transmission substationsNovember 25, 2024 - 5:05 pm
- Eskom finalises technical breakthrough enabling it to extend deadline for meter conversionsNovember 25, 2024 - 1:04 pm
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