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Eskom Load-Shedding Could Cease by Friday

SOUTH AFRICA
  • The closure of Sasol’s Natref refinery this weekend means all the countries oil-refineries are now shut. Sasol said they have been forced to shut down operations at Natref due to a shortage of crude supplies because of late shipments. “Sasol Oil will not be in a position to fully meet its commitments on the supply of all petroleum products from July 2022,” the company said. South Africa is now forced to rely more heavily on costly imports. Sasol’s synthetic fuel operations remain open, which is the only domestic fuel production and uses coal as a feedstock.
  • The SARB rate decision on Thursday is expected to see the bank raise rates by 50bps to 5.25%, further reversing the pandemic-era rate cuts to put rates 100bps shy of the pre-COVID rate at 6.25%.
  • City Press reports that Eskom has asked regulators for a 32.66% price hike. If regulators approve the request, it will reportedly request an additional 10% increase the following year. Last year, Eskom requested a 20.5% increase in tariffs for 2022-23, however, Nersa only granted an increase of 9.61%.
  • BusinessDay writes that Ramaphosa is set to make an announcement this week on the government’s approach to the load shedding crisis. The statement is expected to be watched closely ahead of the ANC’s July party conference, set to commence on Friday.
  • In an interview with the Sunday Times, Energy minister Mantashe says that a new second power generation company would fall under his department and generate electricity alongside Eskom. The comments follow Ramaphosa commenting last week that the creation of a new energy system would assist in alleviating the risk posed by current failings.
  • Speaking to Reuters on Saturday, Eskom CEO said South Africa could see the end of rolling blackouts by end of this week, with more generation units returning to operation. Eskom now expects load shedding to become less likely by the end of the month as the Koeberg 2 plant comes back online.
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