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Eskom gets R16bn tranche of State help with debts

South Africa’s Treasury has paid R16-billion to heavily indebted power utility Eskom, the first tranche of a debt relief package that will wipe off more than half its liabilities, acting CEO Calib Cassim said on Tuesday. The Treasury offered a total of R254-billion to the State-owned company in February so it can pay its debts to global financial institutions, which currently top 423 billion rand.
August 22, 2023 by

IAEA assures that it will monitor, on site, the discharge of treated water from Fukushima

International Atomic Energy Agency (IAEA) director-general Rafael Mariano Grossi on Tuesday gave the assurance that the agency would provide a continuing, objective, independent and impartial safety review during the discharging of treated water, currently stored at the Fukushima Daiichi nuclear power plant (NPP), into the sea. He assurance followed the announcement, also on Tuesday, by the Japanese Government that it had asked Tokyo Electric Power Company (Tepco) to proceed promptly with its …
August 22, 2023 by

Bank of China, IDC sign agreement on R10bn funding package

South Africa’s Industrial Development Corporation (IDC) and the Bank of China (BoC) have signed a framework agreement that could unlock a R10-billion funding package over the next five years to support regional projects in energy, infrastructure, manufacturing, agriculture, and mining. Signed ahead of the Brics summit in Johannesburg, BoC CEO Dr Longjian Chen said the agreement highlighted the bank’s resolution to partner with South Africa in sustainability, just energy transformation and other funding initiatives.
August 22, 2023 by

DPWI details efforts to support energy security

Public Works and Infrastructure Minister Sihle Zikalala on August 20 said the department was supporting efforts by the Electricity Minister to improve energy security. Among its efforts, the department was working to urgently acquire properties for the expansion of State-owned Eskom’s transmission infrastructure, as well as accelerating the expropriation applications for Eskom servitudes.
August 21, 2023 by

New Development Bank to provide R3.2bn loan to TCTA for LHWP Phase 2

The New Development Bank (NDB) – an initiative of the Brazil, Russia, India, China and South Africa bloc – and South Africa’s Trans-Caledon Tunnel Authority (TCTA) have signed a R3.2-billion loan agreement for the implementation of Phase 2 of the Lesotho Highlands Water Project (LHWP). The NDB will provide the project loan to the TCTA under the sovereign guarantee of South Africa.
August 21, 2023 by

TIPS sets out to create a South Africa-focused Just Transition Transaction Framework

Independent, nonprofit economic research institution Trade & Industrial Policy Strategies (TIPS) has launched research on a proposed Just Transition Transaction Framework. During a webinar on August 17, the institution introduced the content of the framework and the process for improving the framework over time through learning by doing, evidence collection and analysis.
August 21, 2023 by

R30bn distribution backlog poses risk to supply beyond current generation shortfall – Ramokgopa

Electricity Minister Dr Kgosientsho Ramokgopa has acknowledged that South African cities and towns face the real prospect of ongoing power interruptions even if the balance between supply and demand is restored, owing to significant investment backlogs in the distribution sector. Quoting from research conducted when he was overseeing Infrastructure South Africa, Ramokgopa estimated the backlog to be above R30-billion, given that underinvestment in maintenance and refurbishments had been found to be growing at an average yearly rate of about R2.5-billion from 2011 to 2022.
August 20, 2023 by

Brics energy ministers agree to cooperate to improve access, reduce emissions

Energy Ministers and officials from the Brics bloc met in Sandton on Friday to discuss potential areas of collaboration for improving access to secure and affordable energy, while transitioning to cleaner energy systems. The meeting was chaired by South Africa’s Mineral Resources and Energy Minister, Gwede Mantashe, who reiterated his stance that the transition should address both the lowering of emissions and ongoing energy poverty.
August 18, 2023 by

Norway’s Scatec aims to sell power direct to South Africa buyers

Norway’s Scatec ASA, the biggest solar power producer in South Africa, is considering direct sales to consumers who are forced to scramble for reliable electricity amid rolling blackouts. “We are involved in a number of different negotiations, mainly with mining companies,” Scatec Chief Executive Officer Terje Pilskog said in an interview. “We’re also looking at local platforms where we can build out projects and basically sell to multiple off-takers,” which would allow for sales to smaller entities rather than just big miners.
August 18, 2023 by