5 important things happening in South Africa today

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Eskom still has not finalised its diesel budget, Government Employees Pension Fund will not divest from fossil fuels, Sasol awaits Competition Committee approval, Johannesburg to elect a new Mayor.

Eskom has yet to finalise its budget for the current financial year, which started on 1 April. In the last financial year, Eskom spent R21 billion on diesel for its emergency generation fleet to compensate for its coal-powered generation fleet’s failures and prevent higher stages of load shedding. The R21 billion was three times the size of the initially budgeted R6.1 billion. Despite only being a month into the current financial year, Eskom has already spent R1.2 billion on diesel.

When the interested parties initially applied for approval, the committee said that selling the nation’s only producer of sodium cyanide could hurt the domestic mining industry and decided to block the deal. Speaking to the Competition Tribunal, mining group Sibanye-Stillwater said that the sale to Czech firm Draslovka would increase prices, as local users would be charged an import-parity price. [The City of Johannesburg will elect a new Mayor later today.

 

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