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Eskom Rebuffs Calls To Stop Electricity-Tariff Hike, Returns To Stage 3 & 4 Power Rationing

SOUTH AFRICA
  • Eskom CFO Calib Cassin described calls to halt the 18.65% electricity-tariff increase "myopic," arguing that a failure to implement the measure would cause serious damage to the economy. The magnitude of the tariff hike approved by South Africa's energy regulator NERSA has sparked controversy, despite being smaller than requested by the cash-strapped utility. On Sunday, Eskom said that it will alternate between Stage 3 and 4 load-shedding this week until further notice.
  • Western diplomats have raised concerns over South Africa's planned joint military exercises with Russia and China, the Daily Maverick reported. The eight-day long naval drill is scheduled to kick off this Friday, with Russia expected to send a frigate armed with Zirkon hypersonic missiles. The Western diplomats told the Daily Maverick that they are worried about the message sent by holding military exercises with Russia on the anniversary of its full-scale invasion of Ukraine.
  • The local economic docket is light today, with January CPI data & December retail sales coming up Wednesday.

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