News in a minute | South Africa opens traded electricity market [video]

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South Africa is entering a new chapter in its electricity landscape with the launch of a traded electricity market, a move that promises to bring consumers greater choice, price competition, and more reliable power supply.

This significant reform comes in the wake of persistent load shedding and decades of reliance on state-owned utility Eskom.

According to BusinessTech, Rand Merchant Bank (RMB) is playing a key role in supporting licensed electricity traders and investing in infrastructure upgrades.

The shift to a traded electricity market marks a fundamental change in how electricity is bought and sold in Africa’s most industrialised economy.

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ELECTRICITY MARKET TO TACKLE HIGH ELECTRICITY PRICES

Electricity costs in South Africa have soared over the past 15 years. According to the Centre for Renewable and Sustainable Energy Studies at Stellenbosch University, electricity prices increased more than eightfold between 2008 and 2023. Meanwhile, inflation during the same period was 215%.