
Namibia Plans Renewable Power Build in Strategy to Cut Imports
Namibia plans to add 93 megawatts of renewable energy capacity during the financial year ending 2026 as part of a strategy to reduce electricity imports.
'More electricity will be generated locally, hence reducing imports and overall cost of electricity,' Robert Kahimise, CEO of the Electricity Control Board told reporters in Windhoek, the capital, on Tuesday.
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Bloomberg
21 minutes ago
- Bloomberg
Zambia Sees Economic Growth Surging to Highest Since 2021
Zambia's economy will expand at least 6% this year as Africa's second-largest copper producer reaps the benefit of improved rainfall and higher metal production, the finance minister said. Growth will accelerate to what would be the highest since 2021, Situmbeko Musokotwane said in an interview on Monday. The economy grew by about 4% last year.


Forbes
an hour ago
- Forbes
Platinum Chases Gold Hitting A Four Year High Of $1218/oz
Platinum has returned as a precious metals star, delivery fat profits as investors rotate funds out of gold, the sector leader. Platinum's sister metal palladium is also rising strongly. Both platinum and palladium seem likely to continue outperforming as a decade of oversupply gives way to signs of a shortage developing. A miner handles a piece of raw platinum ore in South Africa. Photographer: Waldo Swiegers/Bloomberg Over the past month the platinum price has risen by 24% to a four-year high of $1218 an ounce, while palladium is up 13% at $1077/oz. Gold, on the other hand, has risen by 1.5% to $3205/oz, though that modest move needs to be seen against a background of three spectacular years of soaring demand and an 83% increase from a price around $1810/oz in June 2022. The platinum rebound has been a long time coming though some investors might remember that it wasn't that long ago when the platinum price was comfortably higher than gold. In mid-2008 an ounce of platinum cost $2068, more than double gold which was selling for $903/oz. Demand for platinum and palladium has traditionally been driven by a combination of jewelry and industrial uses, especially for in the catalytic converters of internal combustion engines where they play a role in minimising the emission of environmentally damaging nitrous oxide. But in 2015 the platinum market crashed after it was revealed that the big German car maker Volkswagen had been falsifying exhaust system measurement sparking a scandal dubbed Dieselgate. Within months the platinum price had crashed to just $804/oz. Palladium, which is the preferred metal in the exhausts of gasoline powered vehicles, also fell but not as steeply. Further weighing on the prices of platinum and palladium has been the rise in sales of electric vehicles, which do not require a catalytic converter – though hybrid electric cars do, and in some case their converters require a heavier coating of platinum or palladium. A General Motors catalytic converters. (Photo by Reuter Raymond/Sygma via Getty Images) But the major factor in this year's platinum revival is as simple as the run-down of stockpiles which date back to the Dieselgate days meaning that newly mined supply is struggling to keep up with demand. Mines in South Africa, the major source of platinum, have cut back during the years of low prices, as have the palladium mines of Russia which are the primary source of that metal. A measure of the changing fundamentals of the platinum market came last month in a report from the World Platinum Investment Council (WPIC) which forecast a supply deficit this year of 966,000oz, the third consecutive deficit year. More importantly, the latest deficit could put pressure on the platinum price because the WPIC is forecasting that the stockpile will shrink to 2.16 million ounces, enough to meet just three months of demand. The sudden shift in the platinum market, which has really been 10-years in the making, has sparked a sharp increase in the prices of platinum miners with the biggest beneficiary being Valterra Platinum, the renamed Anglo American Platinum. Since listing earlier this month on the London Stock Exchange Valterra shares have followed the platinum price, up 24%. Smaller platinum stocks have done better. Zimplats, a Zimbabwe-focused miner controlled by South Africa's Impala Platinum has risen by 60% over the past month while Australian-listed Southern Palladium, which is planning to develop a new platinum mine in South Africa is up 120%.
Yahoo
an hour ago
- Yahoo
Consultation begins into offshore wind farm plans
People are being invited to have their say on plans to extend the world's largest offshore windfarm. Developers SSE Renewables and Equinor said Dogger Bank D would include up to 113 wind turbines about 210km (130 miles) off the East Yorkshire coast. The project would also include onshore facilities to carry the electricity generated by the turbines into the national grid. An eight-week statutory consultation into the proposals runs until Tuesday 5 August. The project is an extension to the 277-turbine Dogger Bank Wind Farm, which is currently in construction and, when complete, will generate up to 3.6GW of electricity, enough to power four-and-a-half million homes. SSE said Dogger Bank D would produce up to 2GW of additional power. Plans include a subsea cable to export power from the wind farm to a landfall point near Skipsea. From there, underground cables would transmit the electricity 55km (34 miles) to a new substation called Birkhill Wood, which is being developed near Cottingham. The consultation into the plans includes two online sessions and six in-person events, taking place on the following days: Tuesday 24 June, 15:00 to 18:30 BST: Skipsea Village Hall Wednesday 25 June, 14:00 to 19:00: Leven Sports Hall Thursday 26 June, 10:00 to 14:00: Cottingham Civic Hall Thursday 26 June, 15:00 to 18:00: Walkington Village Hall Friday 27 June, 10:00 to 14:00: Toll Gavel Church Hall, Beverley Saturday 28 June, 10:00 to 14:00: Beverley Memorial Hall Sophie Large, senior project manager for Dogger Bank D, said: "We are looking forward to welcoming the public to our consultation events for Dogger Bank D and providing the opportunity for the community to learn more about our proposals. "It's important to us that local communities share their deep knowledge of the region and continue to review, and be informed about, our plans." SSE Renewables and Equinor said they would use the feedback from the consultation in its final application for a Development Consent Order, which would have to be approved by the government. The plans are also subject to a final investment decision by the developers. Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here. Large electricity substation planned at Cottingham Largest offshore wind farm hits power milestone Work starts on 'largest offshore wind farm' Dogger Bank D SSE Renewables Equinor