Load-shedding may have been lessened after Eskom announced the return to power of certain generating units but the South African Reserve Bank (Sarb) still fears the worst – grid collapse!
A senior economist at the central bank, Herco Steyn, says the Financial Sector Contingency Forum (FSCF) is planning for the "improbable but not impossible", scenario of a complete national electricity grid shutdown.
He added that a “systemic event” could also cause a complete blackout.
Steyn’s portentous sentiments come after the Sarb released its Second Edition 2023 Financial Stability Review on Wednesday this week.
The review was released amid the escalation of rotational power cuts to stage 6 last week.
Earlier today on Thursday, the power utility eased load shedding to Stage 3, Eye Witness News (EWN) reported.
Eskom “said this was due to improved generation recovery and emergency reserves.
“Stage 3 was implemented from 10am, and is set to be in effect until 4pm, after which Stage 4 will be implemented until 8pm.
“This will be followed by Stage 5 load shedding from 8pm until 5am on Friday, said Eskom.
“This comes as the power utility has been grappling with its units breaking down, leading to Stage 6 load shedding last week,” EWN said.
Steyn says in the report: "The Sarb, through the FSCF, continued to plan for the improbable but not impossible scenario of a complete national electricity grid shutdown or another potential systemic event.
“The domestic economy continues to face a number of headwinds.
“Fiscal constraints remain a concern, while economic growth continues to disappoint, weighed down by electricity generation constraints, as well as rail and port infrastructure bottlenecks, among others.”
