Investec has applied to trade electricity between its own facilities, becoming one of the first corporate energy users to structure a self-supply model under South Africa’s evolving wheeling framework.
The bank has submitted its application to the National Energy Regulator of South Africa, proposing to purchase electricity from a registered solar photovoltaic (PV) facility in the Free State to supply its Sandton head office via Eskom’s grid.
If approved, Investec will join the ranks of licensed electricity traders such as GreenCo Power Services, Apollo Africa, Discovery Green and Green Electron Market. However, its application marks a shift in profile from specialist energy trading firms to large corporates using wheeling to power their own operations.
Investec has signed a generator power purchase agreement (PPA) with the registered Ilikwa solar PV plant near Parys in the Free State. On the customer end, Investec will initially serve its own facilities division through a customer PPA.
A signed connection and use-of-system agreement (CUOSA) with Eskom and a request to amend its existing electricity supply agreement are included in the submission.
The move coincides with the launch of South Africa’s national wheeling framework announced by the Department of Electricity and Energy last week. The framework provides a standardised approach to wheeling arrangements, including contracts such as CUOSAs, and is intended to simplify third-party access and promote private-sector participation in the electricity market.
