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Rand Extends Recovery As Eskom Delays Nuclear Plant Unit Shutdown

ZAR

The Rand received some incremental support from another pushback in the start to planned maintenance and refuelling at Koeberg nuclear plant, which would remove an estimated 900MW from the grid. The unit will now be taken offline on Saturday rather than this afternoon as South Africa suffers from a record streak of power outages.

  • Public Enterprises Minister Gordhan earlier said that he has ordered Eskom to "work hard to get the country out of Stage 6 load-shedding with immediate effect." Energy Minister Mantashe had earlier accused the company of "actively agitating for the overthrow of the state."
  • USD/ZAR continues to move broadly in line with BBDXY fluctuations, with Eskom headlines facilitating the latest downswing. The pair last trades at ZAR17.1444, down ~180 pips on the day, with the previous day's range still in play.
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