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South Africa: Eskom sets date for transmission company to begin operations

Published

1 year ago

August 24, 2023

South Africa’s state utility company, Eskom has revealed that its transmission company will be operational by the first quarter of fiscal year 2025.

The situation with the country’s electricity has been critical in recent months and load shedding exercises have gone as high as twelve hours a day.

This year, primarily as a result of failures in its outdated coal-fired power plants, Eskom has executed its worst-ever power cutbacks.

According to Eskom’s presentation on Thursday, between 2023 and 2026, the state energy company plans to install 21,000 megawatts (MW) of new power by 2026. It will purchase 3,400 MW from nearby nations.

Earlier today, the Electricity Regulation Amendment Bill, a necessary legislation that is essential to resolving SA’s energy problem, was presented in Parliament after stalling for nearly five months. The law is considered an essential next step in the unbundling of Eskom and creation of a competitive electricity market.

But there are serious concerns about whether the bill will be approved by parliament before the present administration ends.

Zet Luzipo, the chair of the portfolio committee for mineral resources and energy, claims that this is because the law may be “highly contested” and because there must be numerous lengthy and perhaps politically charged public hearings.

Related Topics:Eskom Featured South Africa

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”