Energy

5 important things happening in South Africa today

Luke Fraser

 ·22 Jun 2023

Here’s what is happening in and affecting South Africa today:

• New Eskom company coming soon: Eskom says its new grid company should be launched by the end of November this year, which forms part of the embattled state utility’s unbundling into separate generation and distribution companies. R40 billion of Eskom’s total debt of R400 billion will be allocated to the new company. Interim Eskom CEO Calib Cassim said that the company expects to get its transmission license from the National Energy Regulator of SA (Nersa) in July and the necessary consent of lenders by the end of August. [Business Day]

• Former Eskom employee still there: Eskom’s former Chief Operating Officer Jan Oberholzer is currently leading the projects at Kusile and Koeberg power stations on a contractual basis. The nuclear Koeberg power station is in the process of getting its lifespan extended, whilst the repairs to the coal-fired Kusile power station are crucial to mitigating the effects of load shedding, according to Electricity Minister Kgosientsho Ramokgopa. Cassim said that he hired Oberholzer due to his experience. [News24]

• Jooste not going anywhere: Despite an arrest warrant being issued for former Steinhoff CEO Markus Jooste in Germany, it remains unlikely that he will be extradited. South Africa and Germany are both members of the European Extradition Convention, but both nations have the right to refuse the extradition of their nationals as per the convention. Dr Julius Hagen from Schlun & Elseven said that it is improbable that Germany will even submit a notice to extradite Jooste. However, Hagen said Germany might issue an Interpol red notice, meaning that Jooste could be arrested in any country that has a direct extradition treaty with Germany. [News24]

• Mkhwebane payday incoming: Despite being suspended and in the midst of an impeachment inquiry, public protector Busisiwe Mkhwebane is months away from receiving R10 million payment in gratuity. Mkhwebane will receive the package unless she is removed from office by the end of her term in October. Her impeachment inquiry has seen her reject the recommended state attorney and accuse three members of parliament of trying to solicit a bribe out of her and her husband to make the inquiry disappear. [Daily Maverick]

• Markets: The South African rand ended the day flat on Wednesday, recouping some losses from early trading after data showed consumer inflation had slowed more than expected in May. Despite local markets being boosted by the inflation numbers, Casey Delport from Anchor Capital said that it is difficult to foresee any further strengthening of the rand. On Thursday (22 June), the rand was trading at R18.37/$, R20.19/€, and R23.44/£. Brent crude is trading at $76.82 a barrel. [Nasdaq]