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PowerShip Plans Run Into Stiff Opposition, SAPO CEO Eyes Cost Reductions

SOUTH AFRICA

LOCAL NEWS

  • MP's & civil society groups slam Govt's plan to supplement SA's power supply using power ships that would tie SA to fossil fuels for 20 years and likely see massive fluctuations in prices.
    • Participants are calling for investigations into how foreign companies circumvented local public participation rules
  • Energy dept says the 8 IPP & powership bidders could be providing emergency energy supply within 12-18 months, injecting R45bn in investment and 2,000Mw of power.
    • However, MPs and public are concerned about strings attached to powership contracts
  • Presidency Spox Khusela Diko asked to step aside from her position on the ANC PEC after being found guilty of bringing the party into disrepute
  • State-owned Post Office CEO says SAPO will be efficient within three years and no longer reliant on govt bailouts.
    • SAPO is currently bankrupt, having suffered at R1.7bn loss in 2019/20 and liabilities R1.5bn in excess of assets.
    • CEO says SAPO is looking at cost-cutting measures to shore up its balance sheet
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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