Renewables remain a priority for African economies, WEC argues
Three critical uncertainties facing South Africa this year include commodity prices, electric storage and exchange rates, the World Energy Council’s (WEC’s) ‘World Energy Issues Monitor 2017’ suggests.
The report states that, given the strong linkage of the South African economy to commodity prices, it is understandable that commodity prices top the list.
“High energy prices – electricity and oil products – are incentives for consumers to become increasingly independent. A cost-effective solution to electric storage would be a game changer for the use of wind and solar power and the viability of e-vehicles,” the report states.
South Africa’s electricity priorities differ from the African aggregate, owing to its position as one of the most developed countries on the continent, the report says, adding that the country is now focused on boosting its lagging economic growth, whereas many other African countries are experiencing positive growth and development, albeit from a lower base, and have a more expansive focus.
The South African exchange rate has fluctuated considerably, driven both by domestic and international events such as the UK’s Brexit vote and the US Presidential elections, which significantly impacts on imported goods, particularly crude oil and imported refined fuel.
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