POWERX is a pioneer in the trading of renewable energy in South Africa with the ability through it's NERSA issued trading license (TR01/ELC/09) to purchase clean and green power from generators and sell it on to end users.
POWERX stimulates the production and consumption of renewable and clean power in South Africa by acting as a conduit between willing electricity buyers and sellers and is an aggregator that assumes and actively manages the risks that generators and consumers cannot assume or mitigate themselves.
To be a significant contributor to the development and usage of renewable and clean power in Southern Africa. Further to be the market leader in renewable energy trading in South Africa, providing a unique energy-trading platform to customers, generators, municipalities and the renewable energy sector as a whole.
It is our aim to establish a trading platform for Renewable Power for the SADC region and to partner meaningfully with Eskom and local municipalities to alleviate the power capacity constraints through renewable energy trading. In so doing we aim to be a bankable off-taker that allows generators to obtain financial close with the best possible interest rates and loan tenures and thereby unlocking the development of more projects.
Our mission is to encourage the broader use of green energy generation and consumption in South Africa through demonstrating a unique value proposition to consumers with respect to their “green rating”. Additionally, we also aim to contribute meaningfully towards lowering the cost of electricity and reducing carbon footprint together with its associated financial benefits whilst ensuring sufficient electricity generation to match increase in demand.
Amatola Green Power (Pty) Ltd (“POWERX”) was awarded a bulk electricity trading licence by NERSA in 2009.
On the 15 January 2014 NERSA renewed and extended the trading licence for 15 years creating certainty for the establishment of the industry.
This means that we can sign as many PPAs as we can for what ever tenures witin the parameters of our license conditions up until 2029 i.e. PPAs that are signed in 2029 will remain valid under the license for as long as the PPA term is in effect.
Amatola was renamed POWERX in February 2016 and is Africa’s first licensed Energy Exchange.
Shortly after National Government announced its ambitious targets for Renewable Energy in South Africa, the then Department of Minerals and Energy (“DME”) now Department of Energy (“DOE”) approved a pilot project with “Amatola” to demonstrate the existence of a market for green power trading in South Africa. “Amatola” secured Power Purchase Agreements (“PPA”) with generators of green power as well as off take agreements with customers and traded successfully under the conditions of the pilot model.
After reviewing the findings of the pilot in a Cabinet Meeting held in January 2008, National Government approved the establishment of a permanent green power trading market.
In early 2009 “Amatola” applied to the National Energy Regulator of South Africa (“NERSA”) for a license to trade in green electricity. Following public hearings in this regard “NERSA” issued “Amatola” with a five year license to trade in green energy and “Amatola” became the first private sector electricity trading company in South Africa operating in the voluntary market of “Willing Buyer, Willing Seller”. In January 2014, through compliance once again with the terms and conditions set out in the license, “NERSA” then extended the license for a further period of fifteen years.
In 2012, some 3 years after Amatola obtained its trading license, the Nelson Mandela Bay Municipality (“NMBM”) in Port Elizabeth adopted a forward thinking and progressive green economy strategy and granted ”Amatola” the permission to wheel power over the grid in the form of a 20 year Wheeling Agreement/Use of System Agreement. In so doing they opened up the opportunity for “Amatola” to purchase electricity from “IPP’s” and sell such electricity directly to consumers.
As a result, instead of saving the suggested 10% in reducing loads,“NMBM” will reduce their carbon footprint by 10%, by allowing PowerX to trade 10% and provide their customers with the opportunity to reduce their carbon footprint and stimulate the “green Economy".