Eskom, South Africa’s state-owned power utility, has sold assets worth R463 million over the past five years, which is 72% higher than their book value.
The assets sold include 494 buildings and facilities, 1,903 units of laboratory, transport, and workshop equipment, and 380 pieces of land.
The cause of the deadly explosion that occurred on Lillian Ngoyi Street, formerly known as Bree Street, in Johannesburg’s city centre last month has been revealed to be methane gas.
The investigation ruled out other suspected causes, such as gas leakage, illegal mining, or negligence.
Business leaders in South Africa have warned President Cyril Ramaphosa that the country’s unemployment rate could rise to 38.1% by 2030 if urgent action is not taken to address the energy, logistics, and crime crises.
The current unemployment rate is already at 32.9%, one of the highest among more than 80 nations tracked by Bloomberg.
Eskom, South Africa’s power utility, is facing a severe generation shortage, and load-shedding is highly likely for the next year, according to its 2023 Week 29 system status report. The report’s 52-week outlook reveals that electricity demand will exceed available generating capacity.
Several major South African metros are introducing solar feed-in tariffs, allowing residents with solar power systems to sell excess power back to the grid and reduce their monthly electricity bills.