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Loadshedding Reduced To Stage 5, Treasury Holds I/L Bond Auction

SOUTH AFRICA
  • Eskom lowered power outages by a notch "due to the slight improvement in generation capacity and lower demand" and will implement Stage 5 loadshedding until further notice. The move provides some limited reassurance after Eskom warned that further intensification of rolling blackouts was possible. The Cabinet yesterday said that higher loadshedding stages were "temporary" but the Daily Maverick reports that the claim "is not borne out by the data". The outlet notes that Eskom's estimates of unplanned outages "have increased astronomically week-on-week," citing the utility's latest system status report.
  • The National Treasury holds a weekly auction of inflation-linked bonds today, which will draw more attention than normally after a failure to allot the full amount at last week's offering. The Treasury's Director-General earlier this week said that South Africa was facing "resistance" from investors "through bids we receive for our debt". The official added that "they do it through bidding behaviour and demanding a higher yield and therefore a lower price for debt we issue" which can be observed "at every point of the yield curve".
  • Speaking after the Cabinet meeting yesterday, Minister in the Presidency Khumbudzo Ntshavheni said that the Cabinet has not yet resolved to cut any government programmes and played down concerns that South Africa's public finances have reached a crisis stage. She noted that Finance Minister Enoch Godongwana will soon provide an update on the government's plans.
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