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Eskom's De Ruyter Sees "Tough" Year Ahead, Market Awaits Cabinet Reshuffle

SOUTH AFRICA
  • Outgoing Eskom CEO De Ruyter told Bloomberg that he expects a "tough" 2023 and some extra generation capacity from next year, with South Africa currently in need of 4-6GM of extra capacity. The country has now been haunted by rolling blackouts for 100 consecutive days, setting a new record. De Ruyter also said that the debt-relief plan for the beleaguered electricity utility should be announced in the budget speech this month. It is uncertain whether the speech will feature the details of the plan, with Absa noting yesterday that Eskom and the National Treasury don't seem to have agreed on conditions for unlocking funding.
  • The markets waits for President Cyril Ramaphosa to reshuffle his Cabinet, after the swearing in of four new ANC MPs paved the way for them to join the administration. ANC Chief Whip said yesterday that Paul Mashatile is not "automatically qualified to become Deputy President," albeit he is widely expected to take office after being elected deputy leader of the ruling party.
  • South Africa's net reserves rose to $54.84bn last month from $53.83bn prior versus $54.40bn expected.
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