Eskom issues power warning
BusinessTech.co.za - Oct 30th 2014, 09:26
South Africa’s power supply is “severely constrained” and will remain so for the rest of the week because of technical problems, state-run power company, Eskom said on Wednesday.
“We have alerted our key industrial customers and have required them to reduce their load by a minimum of 10 percent,” Eskom said in a statement.
The power utility, which generates, transmits and distributes approximately 95% of the electricity used in South Africa, is currently facing a number of crises, both in terms of its power supply as well as financially.
Tabling his first Medium-Term Budget Policy Statement (MTBPS), Finance Minister Nhlanhla Nene committed government to a range of measures aimed at helping Eskom close its funding gap.
However, extending new debt guarantees for Eskom are not on the table.
Eskom faces a R225 billion revenue shortfall, partly because of being granted lower-than-expected tariff increases, and Nene conceded that the measures he was announcing would not cover this.
South African energy regulator, Nersa, recently approved Eskom’s plans to recoup losses after it had under-recovered money during the multi-year-price-determination two (MYPD2) control period between 2010 and 2013.
The body approved the regulatory clearing account (RCA) for Eskom, allowing it to recover R7.82 billion in revenue, which would see wholesale tariffs increase by 12.7% in 2015 – up from the previously sanctioned 8% increase.From 2014 Copyright, BusinessTech. All right reserved.
Load shedding threatens jobs, economic recovery, says consumer body
22/03/2019 - 13:31
Load shedding, which has been escalated to Stage 4, is posing a significant risk to economic recovery, the Consumer Goods Council of South Africa said in a statement, as rotational blackouts continued to grip the country.
Business counts cost as Eskom battles power shortages
20/03/2019 - 09:14
State utility Eskom will make more power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa’s efforts to boost investments and economic growth.
SA business confidence falls to almost two-year low
13/03/2019 - 12:29
South African business confidence fell to the lowest level in almost two years in the first quarter, with more than two-thirds of respondents dissatisfied with current conditions.
SA, Zim discussing state-guaranteed bank loan
13/03/2019 - 11:49
South Africa is considering more loans to Zimbabwe, including state-guaranteed funding from banks to support its northern neighbour’s cash-strapped private sector.
Global economic slowdown and trade war hit risk appetite
12/03/2019 - 11:18
More and more evidence that the global economy is turning for the worst and the more aggressive stance of the US on trade tariffs against China had led to a sudden turn-around in risk appetite across the globe.