The rand slumped on Monday as investor concerns mounted over a power crisis that prompted President Cyril Ramaphosa to cancel a trip to Davos.
Browsing: Eskom
President Cyril Ramaphosa will no longer attend the World Economic Forum in Davos due to the ongoing energy crisis.
Eskom said on Friday that reducing load shedding, currently being implemented at stage 6, is its “highest priority”.
Nersa has approved a 33.77% increase in Eskom’s electricity tariffs over the next two years, starting with a whopping increase of 18.65% this April.
Government will take on a portion of Eskom’s debt in a staggered manner to avoid a spike in the country’s debt-to-GDP ratio.
The minister of international relations & cooperation has said repeated breakdown of power plants could be seen as an attack on the country.
Eskom is moving to around-the-clock stage-6 load shedding from 4pm on Wednesday as the rapidly deepening energy crisis spirals.
South Africa has entered a critical phase of revamping its sole nuclear plant and needs it to run according to plan.
Eskom has escalated load shedding to stage 6, equal to the worst blackouts it has ever imposed, between 4pm and 5am daily.
News that Eskom CEO André de Ruyter may have been poisoned with cyanide raises many interesting and concerning questions, including about the poison itself.