#Country Updates #News #Renewable Energy #South Africa

The Evolving Need for Sustainable Energy

South Africa has been plagued by power supply issues for many years. Mostly because of the significant reliance on Eskom, which is struggling to meet electricity demands. Every year the electricity tariffs increase by 15% and continue to squeeze profits of businesses, including farmers. According to the World Economic Forum (WEF) Energy Transition Index 2021, the rising electricity price is one of the major contributing factors placing South Africa near the bottom of the list, at 110 out of 115 countries.

Energy efficiency is increasingly becoming a way of life for many people around the world. Even in South Africa, the government has started with the decommissioning of coal-fired power stations, while creating a favourable environment for ‘green energy’. The government is also supporting municipalities that aim to generate their own power through renewable energy, and this has resulted in a number of Western Cape municipalities adopting renewable energy in a bid to move off Eskom’s grid.

“The idea of relying entirely on natural resources for electricity supply across sectors can have high-cost implications if is not done right, no matter how visionary it may be for farms, businesses and homeowners. Managing the energy demand and being more energy efficient is just as crucial as doing thorough research before installing systems that generate alternative energy,” says Duncan Abel, Energy Finance Principal at Nedbank Corporate and Investment Banking.

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Source: EnergyCapitalPower

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