Electric shock

South Africa prepares for more blackouts

By Aurélie M’Bida, Aurélie M'Bida

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Posted on May 26, 2023 09:04

© Eskom technicians perform maintenance in Villiers, South Africa, on May 10, 2023. (Shiraaz MOHAMED / AFP) — Eskom technicians perform maintenance in Villiers, South Africa, on May 10, 2023. (Shiraaz MOHAMED / AFP)

It only took one statement to bring South Africa’s Eskom shares into the red. On Thursday, 18 May, Calib Cassim, acting CEO of the publicly-run national power company, warned the public that a “very difficult” winter was to be expected, with load shedding reaching stage 8.

The announcement sparked a 0.20% drop in the JSE/FTSE Top 40 – the index of the top 40 stocks on the Johannesburg Stock Exchange.

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