Electricity production lifts marginally in October

Electricity production picked up in October, following two months of contraction.

According to data released by Statistics South Africa (StatsSA) on Thursday, electricity production increased 0.8% year-on-year in October. 

Investec economist Lara Hodes noted that production has contracted 0.8% in September and by 0.4% in August.

Electricity consumption increased by 2.2% year-on-year in October 2018, up from 0.3% in September. Hodes remarked that consumption still remains relatively muted, reflecting the "subdued nature" of the domestic economy.

"The recent escalation in load shedding across the country will likely put further strain on the already constrained economy, especially highly energy intensive sectors, with credit rating agencies likely watching the situation closely," said Hodes.

Earlier on Thursday Public Enterprises Minister Pravin Gordhan briefed the media on the latest operational matters at Eskom following several days of load shedding.

The minister said that there were no plans to privatise the debt-laden power utility.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
17.62
(-0.12)
ZAR/GBP
23.01
(-0.05)
ZAR/EUR
20.78
(-0.03)
ZAR/AUD
12.62
(-0.03)
ZAR/JPY
0.17
(-0.88)
Gold
2034.21
(+0.05)
Silver
28.28
(+0.09)
Platinum
961.50
(+0.38)
Brent Crude
44.55
(-1.53)
Palladium
2166.01
(+0.63)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 929 votes
It depends on how the funds are used.
74% - 6235 votes
No. We should have gotten the loan elsewhere.
15% - 1283 votes
Vote