Official exchange rate data from financial institutions

Eskom Leads South Africa to 150 Days Without Power Outages, Boosting Rand

Aug 26, 2024, 01:30 PM

South Africa has achieved a significant milestone by going 150 consecutive days without planned power outages, according to Eskom. This accomplishment is attributed to the implementation of a recovery plan, which has improved the reliability of power stations and brought new capacity online. Eskom's operational turnaround has coincided with a rise in the fortunes of the South African Rand. The state power utility is optimistic about maintaining this streak, potentially avoiding electricity shortages over the next few months if unplanned losses remain low. South Africa has had a break from power outages since March. President Cyril Ramaphosa emphasized the need for major investment to ensure grid control and safety, highlighting the government's plan to establish a body to oversee raising R319 billion for repairing and upgrading municipal power grids. He made these remarks at the Municipal Just Energy Transition Conference.