Browsing: Energy crisis

• South Africa’s budget update has revealed that public finances face a mounting strain. 
• The tax revenue for the current fiscal year is projected to be $1.27 billion.
• President Cyril Ramaphosa has vowed to transform the country into a giant construction site.

South Africa’s Budget Reveals Strain to Public Finances

South Africa’s latest budget update has revealed that public finances are facing mounting strain, emphasizing the urgency for the newly formed coalition government to attract additional investment into the region’s largest economy.

The medium-term budget policy statement presented by Finance Minister Enoch Godongwana on Wednesday indicates that the fiscal deficit is anticipated to expand to 5 per cent of the gross domestic product in the fiscal year ending in March. This figure is an increase from the 4.5 per cent predicted in February and exceeds the predictions of most economists.

The rand weakened with rising bond yields. The nation’s currency fell …

The Nigerian government has taken various steps to address the persistent fuel shortages, including rehabilitating the country’s refineries, the establishment of new refineries, and promoting private sector investment in the downstream sector. However, progress has been slow, and the problem persists. However, the Dangote oil refinery’s boost to Nigeria’s oil refining capacity should help the government in its quest to address the persistent fuel shortages and end the energy sector crisis.…

• Indian buyers are progressively making room for thermal coal coming from Mozambique, a non-traditional destination.
• Close to 600,000 MT thermal coal was traded from Mozambique to India in November and 3.7 million MT have been traded to India so far in the year.
• The Mozambique coal, typically loaded from the Maputo port, has high sulfur content and comes in a near-powder form, making it unacceptable for sponge iron and metal industries.

The International Energy Agency (IEA) has found coal burning for electricity generation will reach record levels this year.

According to a report released last week by the International Energy Agency (IEA), 2022’s global coal use will surpass the 2013 record. The IEA expects coal use to peak either this year or in 2023, then plateau until 2025, before declining again.

Rising natural gas prices and sanctions on Russia are largely driving demand for less expensive coal to …