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Ramokgopa denies President’s pre-State 6 SoNA assertions caused embarrassment and insists …

Electricity Minister Kgosientsho Ramokgopa has move to defend the statement made by President Cyril Ramaphosa in his State of the Nation Address (SoNA) on Thursday night that “the end of loadshedding is finally within reach”. This, despite South Africa rapidly descending into Stage 6 loadshedding only hours after the conclusion of the speech and the prospect of ongoing high levels of power disruptions until at least Wednesday. Speaking as a hastily convened briefing – moved to Sunday instead of the Monday morning initially scheduled for the Minister’s regular update on the implementation of the Energy Action Plan – Ramokgopa refused to accept that the President’s statement had caused any embarrassment.
February 11, 2024 by

Business stakeholders left wanting following ‘election-oriented’ SoNA

Business stakeholders agree that President Cyril Ramphosa was right to emphasise economic reforms in his State of the Nation Address (SoNA) on February 8, as these are critical to turning around the country’s dire economic performance and unemployment. Business Leadership South Africa (BLSA), for one, appreciates the President acknowledging the private sector’s role in supporting the National Electricity Crisis Committee and the National Logistics Crisis Committee; however, the organisation says it wanted clear indications of how blockages would be overcome to improve confidence that reform momentum will be maintained.
February 9, 2024 by

Ramaphosa moots ‘innovative investment models’ for grid as he reiterates support for power …

President Cyril Ramaphosa used his final State of the Nation Address ahead of upcoming elections to reiterate government’s commitment to reforms in the country’s failing power and logistics sectors, including one that would open the electricity transmission sector to private investors. Speaking against the backdrop of almost daily power disruptions, South Africa’s worst-ever year for loadshedding in 2023, and a precipitous collapse in the freight rail service, which was constraining key commodity exports, Ramaphosa described the power and logistics crises as the “most important constraints on economic growth”.
February 8, 2024 by

AMSA sees plausible pathway for salvaging longs unit, but ready to reverse closure deferral if …

Steel producer ArcelorMittal South Africa (AMSA) has deferred the wind-down of its long-products business by six months amid widespread concern regarding the detrimental impact of the closure on downstream industry and jobs and following consultations with government and other affected stakeholders during which several short-term interventions were agreed. The deferral announcement was made despite AMSA reporting a R1.89-billion loss for 2023, which represented a dramatic R4.5-billion negative swing from earnings of R2.6-billion in 2022.
February 8, 2024 by

Actom secures Selebi-Phikwe solar plant contract

Electromechanical equipment manufacturer Actom High Voltage has secured a contract to supply and deliver high-voltage equipment for the Selebi-Phikwe solar photovoltaic (PV) plant, which is currently under construction in Botswana. The company will provide equipment for the first 60 MW phase of the plant. The 120 MW solar PV facility is being developed by the Botswana Power Corporation (BPC) and renewable energy company Scatec.
February 8, 2024 by

Mozambique’s $80bn energy overhaul to tap Zambezi’s power

Mozambique is seeking to become one of Africa’s biggest hydropower producers and launch a green hydrogen industry. The government plans to add 14 000 MW of hydropower capacity, with the bulk of that developed between 2030 and 2040, the government said in a 60-page Energy Transition Strategy seen by Bloomberg. A hydrogen program will be set this year, it said in the document, which hasn’t been released publicly.
February 8, 2024 by

Standard Bank not expecting major fiscal slippage despite election pressures

Standard Bank chief economist Goolam Ballim does not anticipate “material fiscal slippage” in the 2024 Budget, despite expenditure pressures associated with the upcoming elections, as well as calls for additional support for Transnet, whose underperformance alongside ongoing power cuts and water disruptions continue to throttle growth and investment. Delivering his yearly economic outlook, Ballim acknowledged that there was likely to be some fiscal slippage relative to the forecasts provided by Finance Minster Enoch Godongwana in his Medium-Term Budget Policy Statement.
February 7, 2024 by