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Electricity Minister warns of “exceptionally difficult” winter ahead

SOUTH AFRICA
  • Speaking in Pretoria, electricity minister Ramokgopa has warned that South Africans should brace for a difficult winter amid higher stages of load-shedding – stating that “it’s going to be an exceptionally difficult winter”. He stated that Eskom requires 66,000 MW of supply in order to bridge the gap between demand and supply. He added that while the measure taken since February have mitigated the impact, the worst is yet to come.
  • Eskom is to undergo stage 5 load-shedding until further notice, according to a statement made this morning. An update will follow later this afternoon, with power cuts now ramping higher from the planned stage 4 load shedding earlier in the week.
  • SARB governor Kganyago again raised the prospect of lowering the inflation target for the SARB to 3% at a speech yesterday – a topic raised at the bank’s policy review last year. He further called for broad reforms to the macro approach, preferring policies set to target economic growth, reduce FX volatility and mute sovereign risk.
  • The governor stated that lowering the inflation target to 3% would be a “major benefit to fiscal policy”, and would reduce the potential for a drift lower in the real ZAR exchange rate
  • Late yesterday, the top seven leaders at the ANC – including Ramaphosa – met with former party leader Mbeki in an attempt to head off recent public criticism of the party’s handling of the Phala Phala scandal. Mbeki had warned that the party requires a new mechanism to be used for dealing with the political fallout suffered by the party last year.
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