When one of the biggest energy companies in the world says it will invest half a billion dollars, that’s nothing to sniff at. British oil giant BP announced on Wednesday it will invest R5bn ($550m) in South Africa.
It might not be the biggest deal, but it’s a thumbs up after the hard time the country has had attracting foreign investment. The funding will be ploughed into its refinery, terminal and retail network assets over five years. Continue reading »
It’s been a tricky few days for South Africa’s electricity public utility Eskom. Strikes, controversy over political breakfasts, allegations of spying on unions and others, anger over price hikes: it’s a lot to contend with.
At Eskom’s Medupi site in Limpopo, strike action has halted construction of the R91bn ($10bn) coal-fired power plant. It was hoped work could resume on Thursday (Jan 24), but talks have yet to produce an agreement. Continue reading »
Somebody has to get squeezed. In South Africa, the price of electricity is set to rise, as power generation costs go up. The question is by how much.
Eskom, the state-owned power company, says it needs put prices up by 16 per cent to avoid shortages. But the company chief executive, Brian Dames, has said they could climb even higher unless costs can be kept under control. And the spotlight is firmly on coal – and the mining companies that supply Eskom. Continue reading »