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☆ South Africa powers ahead with 3GW of gas projects, minister says
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

South African Minister of Electricity Kgosientsho Ramakgopa briefs members of the media after his visit to assess progress on bringing back online faulty units and boosting power generation at the Kusile Power Station, in Delmas, in Mpumalanga province, South Africa, September 11, 2023. REUTERS/Siphiwe Sibeko Acquire Licensing RightsSummary South Africa needs 6 GW of new power generation capacityCountry expects 5.5 GW of renewable projects online by 2026Nov 5 (Reuters) - South Africa is accelerating plans for 3 gigawatts (GW) of gas-fired power generation to help to plug an energy deficit that is hurting the economy, electricity minister Kgosientsho Ramakgopa said on Sunday. As you know gas, from an emissions standpoint, is a step down compared to coal, so it's important we accelerate that," Ramakgopa said. Ramakgopa said in June that South Africa expects more than 5.5 GW of new renewable energy projects to come online by 2026. South Africa is also seeking to extend to life of its 40-year-old 1.94 GW Koeberg nuclear plant by 20 years beyond its scheduled shutdown next year.

Persons: Siphiwe, Kgosientsho Ramakgopa, Ramakgopa, Nelson Banya, David Goodman Organizations: Electricity, REUTERS, Thomson Locations: Kusile, Delmas, Mpumalanga province, South Africa, Africa, Coega, Eastern, Richards Bay

☆ South African utility Eskom expects lower power cuts in summer - CEO
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

In May, Eskom had projected an unprecedented level of power cuts during the winter months. Although its most dire predictions did not materialise, the country still experienced 10 hours of power cuts for 39 days in winter and not a single day with uninterrupted supply. The country's central bank said in June that regular power cuts would shave off almost 2% from the country's growth rate. In the base case scenario, the country would see "Stage 4" loadshedding at worst, which translates into up to six hours of power cuts in a 32-hour cycle, he said. Bheki Nxumalo, Eskom's head of generation, said he expected lower daily rolling blackouts as the Kusile power plant would progressively come online from October.

Persons: Siphiwe, Eskom, Calib Cassim, Bheki, Cassim, Promit Mukherjee, Sharon Singleton Organizations: REUTERS, Thomson Locations: Sasolburg, Free State, South Africa, JOHANNESBURG

☆ South Africa energy blackouts: Ramaphosa skips Davos to tackle crisis
▼ + stars: | 2023-01-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —South Africa’s President Cyril Ramaphosa was forced this week to cancel a trip to Davos by an escalating energy crisis that is inflicting rolling blackouts on the continent’s most developed economy. At peak times, demand in South Africa averages between 28,000 MW and 34,000 MW. Electricity theft, including by impoverished townships in South Africa, and non-payment by municipal customers have made matters worse. Despite an abundance of sunshine and wind, South Africa still derives about 80% of its electricity from coal. South Africa’s National Energy Crisis Committee, a body run out of Ramaphosa’s office, has proposed several measures to ease the crisis in the short term, including importing energy from neighboring countries and buying excess energy from private producers.

☆ ABB’s $327 Million Bribery Settlement Arrives in U.S. Court
▼ + stars: | 2022-12-02 | by ( Dylan Tokar | ) www.wsj.com time to read: +5 min

The U.S. court hearing was part of a globally coordinated deal that extends to authorities in South Africa, Switzerland and Germany, with the apparent bulk of the fines being collected in South Africa. The settlement is the first that U.S. authorities have reached in coordination with authorities in that country. The Kusile Power Station, a coal-fired power plant in South Africa. Switzerland on Friday said it was issuing a fine of 4 million Swiss francs, equivalent to about $4.3 million dollars. The Justice Department said it anticipated a related settlement with German authorities, but didn’t indicate a time frame.

☆ Swiss engineering group ABB fined $4.3 mln
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Hitachi ABB is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File PhotoZURICH, Dec 2 (Reuters) - Swiss engineering and technology group ABB (ABBN.S) has been fined 4 million Swiss francs ($4.3 million) by the country's Attorney General in connection with a bribery case in South Africa. The company agreed to pay 2.5 billion rand ($144.51 million) in punitive reparations to South Africa within 60 days from Dec. 1, the NPA's statement said. This is in addition to 1.6 billion rand ($92.48 million)the company paid back to South African state power utility Eskom in 2020. ABB was found guilty of improper payments and other compliance issues at the Kusile power station after a wide-scale investigation into state corruption concluded in June 2022.

☆ ABB Nears Deal to Resolve Third U.S. Bribery Case Against Company
▼ + stars: | 2022-11-25 | by ( Dylan Tokar | ) www.wsj.com time to read: +7 min

Photo: Waldo Swiegers/Bloomberg NewsIn the U.S., the ABB deal is an early test of a pledge by the Biden administration to take a tougher stance on corporate repeat offenders. An ABB spokesman said the company continues to fully cooperate with authorities and hopes to reach a final settlement soon. Exactly how U.S. authorities, including the Justice Department, will frame the ABB deal in relation to the new stance on repeat offenders remains to be seen. Allowing the ABB parent company to avoid a guilty plea will in theory help shield much of its business globally from those risks. The ABB deal would also mark the second time the Swiss company has settled FCPA offenses with a deferred-prosecution agreement.

☆ ABB reports record margin in Q3 as demand stays strong
▼ + stars: | 2022-10-20 | by ( John Revill | ) www.reuters.com time to read: +3 min

SummarySummary Companies Company says component supply problems easing furtherSays customer activity at a high levelExpects to reach operating profit margin goal one year earlyZURICH, Oct 20 (Reuters) - ABB (ABBN.S) posted its highest-ever quarterly profit margin during the third quarter as the engineering and technology company said customer demand remained strong. The maker of industrial drives and electric ship motors said on Thursday its core operating profit margin increased by 1.5 percentage points to 16.6%, the highest since the Swiss company was founded in 1988. The profit margin improvement brought the year to date figure to 15.5%, and meant ABB is likely to achieve its target of hitting 15% this year - one year early. "We delivered high order growth, a strong top-line development and a historically high margin," Chief Executive Bjorn Rosengren said in a statement. Rosengren's strategy has led to selling non-core businesses, like the mechanical power transmission business Dodge, and also spinning off its turbocharging business Accelleron to shareholders.

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