In part, amendments to the Act seek to allow private electricity producers to sell electricity and gives way for Eskom to establish its own transmission business.
“These far-reaching amendments will enable a competitive market for electricity generation and the establishment of an independent state-owned transmission company,” Ramaphosa said.
He also highlighted several new energy generation projects set to come online over the next few years, including:
“Due to our aging power stations, poor maintenance, policy miss-steps and the ruinous effects of state capture, our country has a shortfall of around 4,000MW of electricity.
“[Eskom] has continued with its intensive maintenance programme to reverse many years of neglected maintenance and underperformance of existing plants,” he said.
Ramaphosa said South Africa’s potential in renewable energy is expected to create opportunities to better the country’s economy and create a more stable power grid.
“Renewable energy production will make electricity cheaper and more dependable, and will allow our industries to remain globally competitive. Investments in electric vehicles and hydrogen will equip South Africa to meet the global clean energy future,” he said.
Ramaphosa added that with South Africa’s rich mineral resources, mining is also expected to benefit from a move towards cleaner energy.
“We will be able to expand our mining industry in strategic minerals that are crucial for clean energy, like platinum, vanadium, cobalt, copper, manganese and lithium. We also have a unique opportunity in green hydrogen, given our world-class solar and wind resources and local technology and expertise,” he said.
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