Eskom reinstates Power Alt private power purchase agreement
Dual-listed mining exploration and development company Jubilee Platinum on Thursday announced that State-owned power utility Eskom had, with immediate effect, reinstated its private power purchase agreement (PPPA) with Jubilee subsidiary Power Alt.
The reinstated PPPA was first entered into in December 2012.
Power Alt would immediately start supplying Eskom with all surplus capacity from its power plant and expected to deliver about 5 MW of power to the grid, which equated to an expected revenue of R3.5-million a month.
“The reinstatement of the PPPA by the national energy provider is welcomed but largely expected [owing] to the continued pressure on the supply of electricity in South Africa,” Jubilee CEO Leon Coetzer said.
Eskom on Thursday declared a power emergency and subsequently alerted its key industrial customers that they had to reduce their load by a minimum of 10% in line with regulatory protocols.
This declaration was the first of 2014, however, the utility had embarked on a similar intervention in November last year.
Jubilee said owing to the urgency for the immediate supply of power the term for the reinstated PPPA was yet to be finalised.
Coetzer added that the company would continue to review the potential of further increasing the power supply capability of its power plant to grow the related revenue exposure.
“We expect the need for private power sales to further grow leading into the winter months in South Africa when, historically, the power demand in the country further increases,” he said.
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