The rand dropped on Monday after President Cyril Ramaphosa cancelled a trip to the World Economic Forum (WEF) in Davos to deal with the country’s energy crisis, as struggling state utility Eskom’s worst ever power cuts continued. The rand traded at 17.065 against the dollar at 09:30 GMT, 1.29% weaker than its previous close and its weakest level since December 1.
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The National Energy Regulator of South Africa (Nersa) says chairperson Thembani Bukula is not conflicted, as he had resigned from his position as nonexecutive director of JSE-listed infrastructure special purpose acquisition company Mahube Infrastructure upon his appointment as Nersa chairperson. “The comments made on social media platforms alleging that Bukula has a conflict of interest are incorrect and misleading,” the regulator states.
South Africa should ensure the World Economic Forum (WEF) Annual Meeting conversation in Davos, Switzerland, this week reinforces the country’s just energy transition plan, and that it achieves international solidarity across business and political spheres to ensure they are part of the project of decarbonising the country’s economy, while ensuring energy security and supporting development, said business lobby Business Leadership South Africa CEO Busi Mavuso. South Africa advanced plans for a Just Energy Transition Partnership with several developed countries to provide $8.5-billion to support the country’s energy transition at the twenty-seventh United Nations Conference of the Parties in Sharm El-Sheikh, Egypt, in November last year.
President Cyril Ramaphosa has cancelled his “working trip” to the World Economic Forum’s (WEF) gathering in Davos, Switzerland. Presidency spokesperson Vincent Magwenya posted a message to Twitter on Sunday announcing the cancellation.
The Energy Commission of Ghana has signed an agreement to use energy modelling company Energy Exemplar’s modelling software to understand the entire energy landscape across Ghana, including gas and electricity, the company said this week. The Ghanian government aims to increase the proportion of renewables in the national mix from 42.5 MW to 1 363 MW, or by more than 30 times. The Energy Commission of Ghana has signed a two-year agreement to use Energy Exemplar’s PLEXOS modelling software in supporting the country’s energy aspirations. The agreement was funded by global body the World Bank.
As South Africa remains in the grips of Stage 6 loadshedding – with large electricity tariff hikes also now on the cards – Mineral Resources and Energy minister Gwede Mantashe claims the power crisis can be tackled within just six to 12 months. “Eskom must do introspection: do we have the capacity to deal with the crisis? If not can we go out and look for that capacity… it will take us six to 12 months to solve this issue if we pay attention to that,” he said in an interview with eNCA on Friday.
State-owned energy utility Eskom says it appreciates the tough tariff decision made by the National Energy Regulator of South Africa (Nersa) for the 2023/24 and 2024/25 financial years, for which the utility has been granted tariff increases of 18.65% and 12.74%, respectively.
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.
An international team of researchers have developed a method to store kinetic energy, which can later be converted to electrical energy, using decommissioned underground mines.
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.
The newly appointed facilitator of the South African Renewable Energy Masterplan (SAREM) expects a draft document to be completed by mid-2023 and for the final masterplan to be negotiated before year-end. Gaylor Montmasson-Clair has also indicated that the industrialisation plan will be adjusted to the emerging reality that private rather than public procurement is likely to underpin a significant portion of future demand.
The National Energy Regulator of South Africa (Nersa) has granted Eskom a 18.65% tariff increase for implementation on April 1, below the 32% hike that was being sought by the lossmaking utility but well above the inflation-type levels that most stakeholders had argued should be implemented during public hearings in September. Nersa also approved a 12.74% increase for Eskom’s 2024/25 financial year, against a request for 9.74%.
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