Wholesale Electricity Market will address high power costs: Ramaphosa
The electricity trading platform is due to begin its operations in the coming year.
President Cyril Ramaphosa announced that the South African Wholesale Electricity Market will help tackle the issue of high electricity costs. This electricity trading platform is set to commence operations within the next year. Ramaphosa addressed this matter during a business event hosted by the Federation for Steel and Engineering Industries (SEIFSA).
The president emphasized the significance of public-private partnerships as the country progresses with a 14,000-kilometer mega transmission project and establishes a distinct transmission company separate from Eskom. Ramaphosa pointed out that electricity tariffs have been rising at a faster pace than inflation, with some electricity charges surpassing labor costs.
He also mentioned that numerous smelters and other energy-intensive operations have either closed down, reduced their output, or faced the possibility of closure. Ramaphosa clarified that these industries cannot simply halt operations and resume them later.
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