S. Africa to Sign Nuclear Power Pacts

South Africa plans to sign new, more transparent nuclear power agreements with five foreign countries after a high court blocked a deal with Russia due to a lack of oversight, the energy ministry said on Saturday. South Africa signed intergovernmental agreements with Russia, France, China, South Korea and the United States in 2014 as part of plans to build a fleet of nuclear power plants at a cost of between $30 billion and $70 billion, Reuters reported. Many investors view the scale of the nuclear plan as unaffordable and a major risk to South Africa's financial stability, while opponents of President Jacob Zuma say the deal will be used as a conduit for corruption. Zuma denies allegations of wrongdoing. State energy firm Eskom says nuclear power should play a role in South Africa's energy mix and will help reduce reliance on coal. The Western Cape High Court found last month that the agreement with Russia lacked transparency and offered Moscow favorable tax rules while placing heavy financial obligations on South Africa.