Latest news with #EskomHoldingsSOCLtd
Business Insider
9 hours ago
- Business
- Business Insider
Africa's richest country secures $1.5 billion World Bank infrastructure loan
The World Bank has approved a $1.5 billion loan to support South Africa's structural reforms, focusing on improving infrastructure and reviving economic growth. The World Bank approved a $1.5 billion loan to support South Africa's structural reforms, focusing on infrastructure and economic growth. The funding addresses challenges including sluggish economic growth and high unemployment by enhancing energy and freight transport. South Africa committed to modernizing state-owned enterprises and increasing industry competition to support development. The World Bank has approved a $1.5 billion loan to support South Africa's structural reforms, focusing on improving infrastructure and reviving economic growth. The Washington-based lender said the funding aims to tackle key challenges such as sluggish growth and high unemployment by easing bottlenecks in the country's energy and freight transport sectors, according to Bloomberg. South Africa has pledged to modernize its state-owned enterprises and open critical industries to competition. President Cyril Ramaphosa, speaking last month about his government's infrastructure drive, emphasized its importance to South Africa's future. "Infrastructure is the flywheel that our economy needs to boost growth and to create jobs. Infrastructure that is well constructed and maintained encourages investors to see our country as a great investment destination.' The World Bank said its support will enhance energy security, improve freight logistics, and aid the country's transition to a low-carbon economy. The loan will provide funding for state-owned Eskom Holdings SOC Ltd. to strengthen the electricity grid and support renewable energy integration. It will also assist Transnet SOC Ltd., the country's port and rail operator, expand its freight transport capacity. Infrastructure shortfalls hit even wealthiest cities South Africa has been paying increased attention to its infrastructure in recent years. Decades of underinvestment and poor management have created a significant infrastructure gap in the continent's most advanced economy. Even affluent communities are feeling the strain. Business Insider Africa earlier reported that, Johannesburg, often regarded as Africa's wealthiest city due to its high concentration of businesses and millionaires, needs an estimated 221 billion rand ($12 billion) to fix its infrastructure challenges. In March, South Africa, in partnership with the World Bank, launched a $3 billion initiative to restore essential services and improve infrastructure in eight of its largest cities.
The Star
14-05-2025
- Business
- The Star
Eskom plans for power cuts after restart delay
Eskom implemented so-called stage 2 loadshedding, taking 2,000 megawatts offline to prevent a total collapse of the grid. — Bloomberg JOHANNESBURG: South Africa's state-owned power utility schedules nationwide rolling blackouts through tomorrow because of a delay in restarting generation capacity that was offline for repairs along with additional equipment breakdowns. Eskom Holdings SOC Ltd implemented so-called stage 2 loadshedding, taking 2,000 megawatts offline to prevent a total collapse of the grid, during peak-use hours that started on Tuesday, the company said in a statement. The rand weakened after the announcement. Less than two weeks ago, the utility forecast a low risk of sustained power cuts as South Africa heads into the winter season that drives up demand for electricity. It resumed rolling blackouts, known as loadshedding, earlier this year after a 10-month hiatus that resulted from improved maintenance of its plants. Loadshedding had until early 2024 taken a significant toll on the economy, as much as 899 million rand (US$49mil) per day, according to central bank estimates, and was among the reasons why the ruling African National Congress lost its majority in last year's elections. Eskom halted the almost-daily outages, which lasted as many as 12 hours per day, in the weeks before the May national vote. Power cuts resulting from Eskom's failure to meet demand cost South Africa's economy 481 billion rand last year, an 83% drop from 2023, according to the Council for Scientific and Industrial Research. Stabilising the system is essential to ramping up economic growth. — Bloomberg
Bloomberg
14-04-2025
- Business
- Bloomberg
Eskom of South Africa Invites Tenders for Renewable Energy Unit
South African power utility Eskom Holdings SOC Ltd. invited tenders for the establishment of a standalone renewable energy business. The invitation closes on May 7, according to a statement dated April 9 published on Eskom's website. The creation of a separate unit will help accelerate the rollout of renewable energy, Eskom said in the statement.
Bloomberg
23-02-2025
- Business
- Bloomberg
South Africa Power Blackouts Jump to Highest Level in a Year
South Africa's electricity rationing returned to the highest level for the first time in a year after multiple generating units at the state utility failed, raising questions about the turnaround in the company's performance. Eskom Holdings SOC Ltd. will implement Stage 6 power cuts — indicating that it will take 6,000 megawatts offline, it said in a post on X. The company, which started enforcing Stage 3 on Saturday, said it had to cut more electricity after more coal-fired units failed while it had shut more than 7,000 megawatts of capacity for planned maintenance. The utility last resorted to State 6 power cuts on Feb. 10, 2024.
Bloomberg
30-01-2025
- Business
- Bloomberg
South Africa's Eskom Allowed to Lift Prices a Third of What It Wanted
South Africa's energy regulator allowed state-owned Eskom Holdings SOC Ltd. to raise electricity tariffs by 12.7%, well below the amount requested by the debt-laden utility that's trying to turn around its finances. The adjustment is a fraction of the 36% increase that Eskom asked for from the National Energy Regulator of South Africa. The utility had increases approved for three financial years: 12.7% for the year to March 2026, 5.36% for 2027 and 6.19% for 2028, the Pretoria-based regulator said in an online briefing on Thursday.
