Zimbabwe, Zambia set to increase power generation as Kariba Dam rehabilitation ends

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Harare, Jan 19 | Rehabilitation of the Kariba Dam wall, to boost power generation by the Zambian and Zimbabwean power utilities, is expected to be completed by the end of this month, the Zambezi River Authority (ZRA) has said in a statement.

During the fourth quarter of 2021, ZRA requested the Zambia’s power utility Zesco Limited and the Zimbabwe Power Company to reduce power generation levels to six hours on a few selected dates, in a bid to facilitate coffer dam construction works under the plunge pool reshaping sub-project of the Kariba Dam Rehabilitation Project, Xinhua news agencies reported.

Regarding the load shedding of the Zimbabwe power company due to the rehabilitation, the statement said after the work is finished “the utilities were expected to implement measures that would mitigate the resulting reduction in power generation levels at Kariba.”

The specific works under the pool reshaping sub-project have since advanced and are due to be completed by January 25, ZRA said.

Looking forward, ZRA said the remaining rehabilitation works would not result in the two utilities reducing generation levels at their respective Kariba power stations.

“The KDRP is scheduled to be completed by 2024 and is aimed at assuring the long-term safety and reliability of Kariba Dam,” ZRA said.

The refurbishment project, which commenced in 2017, comprises the reshaping of the plunge pool and the refurbishment of the spillway gates.

The $294 million rehabilitation project is funded by the European Union, the World Bank, African Development Bank, the government of Sweden and ZRA on behalf of the governments of Zambia and Zimbabwe, through a combination of grants and loans.

Source: IANS

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Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

On the back of Global Clues and SGX, Nifty opened on a gap down note & continued downside momentum throughout the day and closed the session at 15809.40 level with a loss of 430.90. However, Bank nifty closed the session at 33315.65 level with a loss of 848.05 points.

India VIX closed at 24.56 up by 10.13% which is a sign of more volatility in upcoming sessions.47 stocks out of NIFTY 50 closed in RED which suggest broad based selling. All the sectoral indices were ended in the red with metal, IT indices down 4-5 percent.

Despite one way fall, Stocks like ITC, DRREDDY, POWERGRID were the top gainers, While WIPRO, HCLTECH, INFY, TCS & TECHM were prime losers. On a daily chart, Nifty has formed a Bearish candle which indicates downside momentum for an upcoming session. Moreover, Nifty is showing support from horizontal line i.e., 15750 levels which is make or break level. In addition, Nifty has been sustained above the 21-Monthly Moving Average which indicates a bounce back from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading with a negative crossover & trading in oversold zone which is a sign of sideways to negative trend in Nifty. The Nifty may find Strong support around 15700 levels, breaching below it can show more downside till 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32800 levels while resistance at 34500 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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