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Zimbabwe raises mines power tariff by 8% to meet production cost

28th July 2022

By: Bloomberg

  

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Zimbabwe’s power utility ZESA Holdings will no longer charge mining houses tariffs below cost of production as it is struggling to service “ballooning power import debt.”

Exporters, such as mining companies, will be charged $0.1063/kWh from August 1, ZESA executive chairperson Sydney Gata said in a letter to miners. Power from diesel-run Hwange plant, which is under expansion to add 300 MW is produced at $0.107/kWh, translating to 12c for customers, he said.

“ZESA will no longer be able to continue supplying electricity to exporting customers at $0.986/kWh as it is unsustainable,” he said.

The Southern African country generates an average 1 200 MW to 1 300 MW of its own electricity and relies on imports from Zambia, South Africa and Mozambique to cover shortfalls. ZESA requires $17-million monthly for those imports, the company has said in the past.

Zimbabwe, which has the world’s third-biggest reserves of platinum-group metals, and also mines gold, diamonds and chrome, is targeting growth in the sector to $12-billion output by 2023.

Edited by Bloomberg

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