RIYADH: On a macro level, South Africa’s Johannesburg is seeking a massive investment to stabilize power supply.
The country is also advancing solar power projects to avoid potential power cuts in the country that is set to have record outages this year.
The executive director of the International Energy Agency cautioned that with the right investments in clean energy, dependence on fossil fuels will no longer be necessary.
Meanwhile, India’s Mahindra and Mahindra is seeking opportunities to source components from other firms as it intends to boost its electric vehicle portfolio.
Looking at the bigger picture:
·South Africa’s biggest city and capital of Gauteng province, Johannesburg, is seeking as much as 26 billion rand ($1.6 billion), in an attempt to stabilize power supply by 2030, Bloomberg reported, citing Mayor Mpho Phaltase. This comes as the state power utility, Eskom Holdings SOC Ltd., has been unable to meet demand since 2008, causing recurrent power outages in the city. Moreover, the city is forecast to have a record number of power cuts in 2022.
·South Africa has registered two major solar projects under license exemption, in an attempt to ramp up private generation and curb potential outages, Bloomberg reported. The two solar projects, which are to be located in South Africa’s North West province, have the capacity to generate as much as 100 MW of electricity.
·The energy security crisis, which was exacerbated by the Russia-Ukraine war, should not lead to a deeper dependence on fossil fuels, Reuters reported, citing the International Energy chief at the IEA, Fatih Briol. Not only will investment in renewable and nuclear energy curb the need for fossil fuels, but it will also help avoid energy shortages and accelerated climate change, the chief added.
Through a micro lens:
·Indian multinational conglomerate Mahindra and Mahindra has announced that it is exploring options for sourcing components from other firms, in order to strengthen its electric vehicle portfolio, Reuters reported, citing the firm’s chief executive Anish Shah. Even though the firm used to develop the components in-house, it acknowledged that collaborations with other firms will facilitate faster growth. Last week, Mahindra and Mahindra revealed a partnership agreement with German motor vehicle manufacturer Volkswagen to equip its electric cars with motors, battery system components, and cells.