Star 2023-07-25

The SA Wind Energy Association (Sawea) has distanced itself from the legal action taken by a member of the association regarding the interim grid capacity allocation rules (IGCAR). Wind project developer G7 Renewable Energies has gone to court to challenge the new IGCAR set by Eskom citing that they were unlawful, unreasonable and irrational, and that they will hinder new operations. This comes after Eskom’s general manager for operations enablement, Velaphi Ntuli, last month announced that new rules will apply for grid capacity allocation in the country. The new IGCAR are aimed to level the playing fields between independent power producer (IPP) projects participating in the country’s Renewable Energy Independent Power Producer Programme (REIPPPP) and private sector IPP projects participating in distributed generation which includes wheeling. Both sectors are currently…

Outgoing Telkom chairperson Sello Moloko said yesterday that the mobile operator was deeply concerned about South Africa’s energy crisis, which dampened growth prospects and threatened to delay the development of a local digital economy. In Telkom's 2023 integrated report, released yesterday, Moloko said funds that would have been spent on improving network coverage would now be spent on securing consistent, alternative power. “The telecommunications industry provides essential services in a nation where landlines are rare, but nearly 80% of citizens have mobile internet access. “As we provide these essential services, we believe we should qualify for similar fuel rebates applicable to the agriculture, mining, and manufacturing sectors,” he said. Moloko said load shedding had significant cost impacts for Telkom. In the 2023 financial year, Telkom used more than 23.1 million…

Elon Musk and Twitter CEO Linda Yaccarino unveiled a logo for the social media platform yesterday that featured a white X on a black background as a replacement for the familiar blue bird symbol. “X is here! Let’s do this,” tweeted Yaccarino, who also posted a picture of the logo projected on to the company’s offices in San Francisco. Yaccarino’s and Musk’s Twitter handles feature the X logo, although the Twitter blue bird is still visible across the platform. “#GoodbyeTwitter” was trending on the platform with reference to the old logo as some users criticised the new one. Musk said on a post on Sunday he wanted to change Twitter’s logo and polled his millions of followers on whether they would favour changing the site’s colour scheme from blue to…

Gross domestic product in South Africa should weaken further to 0.2% in 2023 reflecting weaker activity in major trading partners, it said THE AFRICAN Development Bank (AfDB) has slashed South Africa’s economic growth for 2023 as a result of sluggish activity, rising interest rates as well as the impact of the ongoing energy crisis. The AfDB yesterday said that gross domestic product (GDP) in South Africa should weaken further to 0.2% in 2023 reflecting weaker activity in major trading partners. The bank also flagged further domestic policy tightening as well as structural bottlenecks, in particular electricity supply shortages, which restrain industrial output and activity in other sectors. The AfDB’s growth forecast is slightly lower than the 0.4% estimated by the South African Reserve Bank last week, 2023, though it warned…

Anglo American Platinum’s headline earnings in the first half of the year fell by 71% in line with expectations following the change in guidance disclosed in 2022. In its 2023 interim results, the world’s biggest platinum producer, said headline earnings were R7.9 billion in the period, down from R26.7bn resulting in headline earnings per share of R29.84 compared with R101.40 a share a year prior. Despite this, Amplats said its board had approved the declaration of a gross final dividend of R3.2 billion, R12 per share, down from R41 declared for the first half of 2022. “The dividend pay-out is equal to 40% of headline earnings in line with the company’s dividend policy,” it said. Amplats said the drop in earnings was mainly due to a 29% decrease in…

Royal Bafokeng’s shares fell yesterday by 3% following the announcement by Impala Platinum’s (Implats) that it now held more than 90% of its shares in issue. The shares traded at R130, and have dropped by 19.64% in the past six months. In a Stock Exchange News Statement, Implats advised its shareholders that the offer closed on Friday, July 21, and was accepted by shareholders holding 121 million RBPlat shares, amounting to approximately 96.21%, and resulting in Implats now holding an aggregate of approximately 98.35% of RBPlat’s issued ordinary share capital. Implats won the takeover bid after acquiring more shares in RBPlat, and its rival Northam sold its 34.5% shareholding in RBPlat on July 20. Northam had pulled out of its proposed buyout of RBPlat in April, citing a collapse in…