This is on top of the earlier increase of 9.4% granted to Eskom in April – which included at 7,8% increase in what it charges in bulk power to municipalities. The price difference means municipalities have to work harder to be more efficient.
Nene was unceremoniously fired in December 2015, leading to a collapse in the South African economy. The economy has since clawed its way back, but the implication of Nene’s dismissal are still being felt.
South Africa’s rand inched firmer and stocks rose late on Monday as the shock that global oil producers had not decided on an output freeze waned, handing emerging market assets a reprieve.