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Ramaphosa Urges Eskom To Suspend Tariff Hike As Utility Flags Two More Years Of Blackouts

SOUTH AFRICA
  • President Cyril Ramaphosa called on Eskom to hold off on the implementation of the 18.65% electricity-tariff hike, which is due to take effect by April, as he conceded that "we cannot end load-shedding overnight." Separately, Eskom chair Mpho Makwana warned that Stage 2 and 3 power outages may be necessary for the next two years, as the electricity utility implements a plan to improve its generation capacity. Meanwhile, Eskom announced that load-shedding would be escalated to Stage 4 from 16:00 today and stay at that level until 05:00 tomorrow.
  • Power outages are translating into growing tensions within the society and the ruling circles. Calls for the replacement of Energy Minister Gwede Mantashe have become louder, while multiple groups have threatened legal action against the government. City Press reported that President Ramaphosa's inner circle is urging him to move Mantashe to a different portfolio during the upcoming Cabinet reshuffle, before the planned transfer of Eskom from the Public Enterprises Department to the Energy Department is completed.
  • The SARB meets this week to decide on interest rates, with the announcement coming up on Thursday. As things stand, 13 out of 18 economists surveyed by Bloomberg expect a 50bp rate hike, albeit market pricing has drifted towards 25bp this month.
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