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    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

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    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

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    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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South Africa’s Eskom to spend $21 bln on new power plants in next five years

bycitibusinessnews
March 10, 2016
in Africa, Southern Africa, Top Stories
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South Africa’s Eskom will increase its capital expenditure by 44 percent to 324 billion rand ($21 billion) over the next five years to build new power stations, the state-owned company said on Wednesday.

The cash-strapped state-owned utility also said it had 85 billion rand of funding, representing nearly all of the capital needed, for 2016 and 2017 in a presentation to parliament.

“There is a significant amount of the funding that will be required over the next two years that is relatively committed already in terms of signed facilities that we can draw on as and when projects require the funding,” said Anoj Singh, Eskom’s chief financial officer.

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Eskom is building three new power plants to help shore up power reserves in Africa’s most industrialised country, and expects to add 5,620 megawatts (MW) to the network by 2018 when units at Medupi and Kusile’s coal-fired plants come online.

Eskom, which was granted a lower tariff than it had requested of 9.4 percent by the electricity regulator, said it had significantly reduced the amount it spent on diesel to 40 million rand in February from 854 million rand in October, its CEO Brian Molefe said.

The company had also managed to save 9 billion rand and increased net profit 22 percent to 11.3 billion rand at the end of September and was not in danger financially, he said.

“Our liquidity position has improved. We are nowhere near bankruptcy as was said a few years ago,” Molefe told parliament.

Reiterating his support for South Africa’s proposed nuclear build plan, Molefe said the sole nuclear plant, Koeberg near Cape Town, provided the cheapest form of energy.

Speaking to reporters after Eskom’s presentation, a senior energy official said government would request for proposals at the end of the month to add 9,600 MW of new nuclear power to the grid.

To meet its targeted nuclear generation capacity, South Africa’s government has said it plans to build six new nuclear power plants by 2030 at a cost estimated between 400 billion rand and 1 trillion rand ($34-$84 billion).

–

Source:CNBCAfrica

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