Published: 25 February 2026

How to select the right energy partner, and why it matters more than ever

South Africa’s private wheeling market is evolving quickly. More commercial and industrial energy users are exploring long-term renewable energy supply agreements to improve cost certainty, strengthen resilience and accelerate decarbonisation. And as the market grows, it is becoming clear: not all energy partners are created equal.

For many off-takers, the focus understandably starts with price. Yet in long-duration wheeling agreements, the quality, strength and structure of the trading and aggregation partner often has a far greater impact on long-term outcomes than the headline tariff alone. At NOA, we work closely with customers navigating this decision. Based on that experience, several factors consistently separate robust, bankable solutions from those that may look attractive upfront but may introduce risk later.

Choosing a credible partner

Unlike traditional grid supply, wheeling introduces a more dynamic commercial environment. The aggregator and trader sit at the centre of a complex value chain – managing variability, operational events and portfolio risk over many years.

As Karel Cornelissen, CEO of NOA Group, explains:

“In a maturing market like South Africa’s, the real differentiator is not just access to renewable energy, it is the ability to deliver that energy reliably and competitively over time. Customers should be looking for partners with the depth, discipline and balance sheet to stand behind long-term commitments.”

There are several areas prospective customers should examine closely.

Portfolio diversity matters

One of the most important strengths of an energy partner is the breadth of its customer portfolio. A trader with a diversified customer base is better positioned to manage demand variability. If one customer’s facility unexpectedly reduces load, the ability to redirect energy across a wider portfolio helps maintain commercial efficiency and system balance. This portfolio effect becomes increasingly valuable as renewable penetration rises and energy flows become more dynamic.

Depth and diversity of generation

Equally important is diversity on the supply side. Traders that aggregate energy from multiple technologies and geographies, for example wind, solar and energy storage across different regions, are better able to smooth intermittency risk. In practical terms, customers are less exposed to single-asset or single-weather dependency. NOA’s aggregator model is specifically designed around this principle, giving customers access to a fleet of generation assets rather than a single plant, improving resilience and performance at scale.

Capital strength and long-term credibility

Wheeling energy supply agreements typically run for many years. Partner resilience is therefore critical. Strong capital backing and proven access to funding provide confidence that a partner can support delivery through market cycles, construction phases and periods of system stress. This is particularly important in a market that is still maturing.

Execution capability

Execution capability matters just as much. Successful wheeling requires coordination across grid access, forecasting, settlement, regulatory compliance and commercial structuring. Partners with deep technical and market expertise are generally better equipped to manage these moving parts without creating additional complexity for customers.

Bryce Allan, Head of Sustainability at Teraco, noted: “We appreciate NOA’s unique and collaborative approach in complementing Teraco’s renewable energy supply and look forward to a long partnership as we journey towards our 100% renewable energy goal.”

Looking beyond the headline price

One of the most common pitfalls in energy RFPs and cost comparisons is an over-emphasis on the headline c/kWh price. In reality, the delivered outcome of a wheeling agreement is shaped by many variables beyond the base tariff. Project maturity, grid readiness, delivery track record and balance sheet strength all affect the probability of on-time delivery. A lower price that carries higher execution risk may ultimately prove more expensive. Here are some of the factors to consider when comparing proposals:

Supply agreement flexibility: Terms relating to volume tolerance, step-up provisions and change-in-law treatment can materially affect long-term value. A lower starting price may come with tighter constraints that create costs later.

Time-of-use and profile risk: Not all energy is equal. How the contracted generation profile aligns with the customer’s load shape can significantly affect the effective delivered price once the relative value of the energy supplied is compared – since all electrons are not equal in terms of the offset value they create.

Network and wheeling charges: Transmission, distribution, loss factors and municipal fees can vary meaningfully by location over time. Without true like-for-like modelling, comparisons can be misleading.

Risk allocation: Agreements differ in how they treat curtailment events, grid constraints and transmission outages. Where that risk sits – with the generator, trader or off-taker – can have material financial implications.

Escalation mechanisms: Indexation formulas, pass-through costs and future tariff adjustments can significantly influence long-term economics and have a larger long-term impact than the starting price.

Deeply understanding our customers’ unique needs is resonating. “NOA worked closely with our team to develop a flexible solution and conclude this agreement in just one month. Their ability to move quickly without compromising quality makes them the right partner to deliver renewable energy at scale,” said Cobus Loots, CEO, Pan African Resources.

Key takeout

The most competitive solution is rarely defined by the lowest headline tariff alone. Sophisticated buyers are increasingly evaluating factors such as portfolio depth, balance sheet strength, execution capability, risk management capability and contract flexibility. In a market that is still maturing, these factors are often just as important as price in determining whether a wheeling solution delivers reliably over the long term. At NOA, our focus is on helping customers see the full picture – translating complexity into clarity and building solutions designed to perform not just on day one, but across the full life of the agreement.

Because in energy, as in any long-term partnership, how you deliver matters just as much as what you promise.

About the author: Christine Krone is Head of Marketing at NOA, bringing more than 20 years’ experience in technical and B2B marketing across renewable energy, financial services, higher education and consulting. She is passionate about demystifying complex industries and translating technical solutions into clear, compelling customer stories that help organisations make informed energy decisions.