Long awaited Integrated Resource Plan to provide roadmap for South Africa energy investment.
Delivering a keynote address at the Africa Oil & Power event in Cape Town today, South Africa’s Minister of Mineral Resources and Energy Gwede Mantashe announced that the country’s Integrated Resource Plan (IRP) would be concluded within days.
“By Wednesday, I am very hopeful that the IRP would be concluded, and we will gazette it” he said. Adding that, “the plan will lay the foundation for investment in power generation. Such an investment should have the impact of lowering the cost of doing business in our country.”
Minister Mantashe highlighted the potential investment that could come as a result of a finalized IRP, which represents a key component of South Africa’s energy strategy. With this, he invited investors to enter the South African market.
“Come to the fore, we are ready for you. Talk to us,” he said.
In line with the conference theme, #MakeEnergyWork, Minister Mantashe also spoke on the importance of developing a thriving energy sector as a means to encouraging economic growth, noting that the sector is “part of an effort that is a catalyst to economic growth.”
On the country’s energy future, he said that natural gas would be a key part of South Africa’s energy mix. And explained that projects like the Coega development in the Eastern Cape province would be at the core of this strategy.
“This ambitious project for us will be a game changer, those who are waking up to take the opportunity will actually benefit from that development. It is quite a test for us because we need to get into gas in a big way.”
The multi billion rand Coega special economic zone project is located in Nelson Mandela bay and consists of 10 projects including a renewable energy components factory, a gas-to-power plant, a solar rooftop project and an oil refinery.
The gas to power project is expected to supply power from 2026.
The Africa Oil & Power conference and exhibition continues until October 11. Learn more about the event and download speeches and presentations at www.africaoilandpower.com