Wholesale Electricity Market will address high power costs: Ramaphosa – SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa’s news leader.

President Cyril Ramaphosa says the South African Wholesale Electricity Market will be a decisive step in diversifying the country’s electricity supply.

The electricity trading platform is due to begin its operations in the coming year.

Ramaphosa says it will assist large energy-intensive industries’ concerns about the high electricity prices they are paying.

Addressing a business gathering hosted by the Federation for Steel and Engineering Industries (SEIFSA), Ramaphosa highlighted the importance of public-private partnerships as the country rolls out a 14 000 kilometre mega transmission project and establishes a separate transmission company from Eskom.

“Over the past two decades, electricity tariffs have increased far faster than inflation, you all know that. In some cases, the electricity charge is much higher than your labour charge. A number of smelters and other energy-intensive operations have either closed, reduced production or faced the prospect of closure. These are not industries that can simply be switched off today and restarted tomorrow.”