Eskom says it will ease load shedding – until further notice.
Power utility Eskom says that load shedding will be reduced for the rest of the week – at least until further notice.
Due to the return of a generating unit each at Kriel, Majuba and Matimba power stations, stage 5 load shedding will not be implemented on Wednesday as previously communicated.Stage 5: 00h00 to 05h00While load shedding will be eased slightly for the rest of the week, it will do little to save South Africa’s economy from an impending technical recession.
According to data published by Stats SA this week, South Africa’s economy shrank by 1.3% in the fourth quarter of 2022, with economists warning that the first quarter of 2023 is likely to yield a similar result.The main driver behind the decline was load shedding, with near-permanent rolling blackouts being in effect for the entire quarter. Only two days in the last three months of the year were free of load shedding.
According to estimates from the South African Reserve Bank, these levels of load shedding cost the economy up to R900 million a day they are in effect. The impact of load shedding is so severe – and the SARB expects it to continue for at least 200 days this year – that it cut growth expectations for 2023 to just 0.3%.
Following the GDP numbers published this week, major banks have followed suit, cutting growth forecasts to between 0.1% and 0.4% – with risks to the downside.
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