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A remodelled Integrated Resource Plan (IRP) for electricity will be released to the public next week and is expected to deviate materially from the heavily criticised draft IRP2023, which was published for public comment in January. Electricity and Energy Minister Dr Kgosientsho Ramokgopa says the revamped document has taken account of changes in the electricity supply industry since the publication of the draft IRP2023, as well as the 4 338 stakeholder comments received on the document, including 136 “substantive” comments.

South African business sentiment rose its highest level since the first quarter of 2022, as constant electricity supply and political stability supported better business conditions. A quarterly business confidence index compiled by FirstRand's Rand Merchant Bank and Stellenbosch University’s Bureau for Economic Research rose to 45 for the three months through December, up from 38 during the prior quarter, according to a report published on Wednesday.

A total of 25 countries and the EU are pledging to commit to no new unabated coal power in their next round of national climate plans, the latest global pledge aimed at curbing use of the fuel. Signatories to the agreement, outlined during the ongoing COP29 climate talks in Baku, include Canada, the UK and Germany, according to a statement published Wednesday. China and India, the world’s largest coal consuming nations, aren’t among backers so far, and neither is the US.

South African inflation drops to lowest since June 2020

Published: 20 Nov 24

South Africa's annual inflation rate slowed sharply to 2.8% in October, data showed on Wednesday, setting the stage for another interest rate cut by the central bank this week. Statistics South Africa said falling fuel prices were the primary driver of the slowdown in the headline rate from 3.8% in September. October's reading is the lowest inflation has been since June 2020, during the peak of the Covid-19 pandemic. Independent economist Elize Kruger said fuel and food price developments play a greater role in October, which is considered a low survey month. South Africa's government-regulated petrol and diesel prices fell by more than one rand a litre in October. Economists polled by Reuters had forecast inflation would slow to 3.1%, well below the 4.5% level the South African Reserve Bank aims for but just within the bank's 3%-6% target range. The Sarb will announce its next interest rate decision on Thursday. A Reuters poll published last week predicted the central bank would lower its repo rate by 25 basis points, the same size of cut as in September, when the Sarb cut rates for the first time in more than four years. "Given recent Sarb rhetoric, the recent rand depreciation and a conservative (monetary policy) committee, a 25 bps cut remains the base case forecast," Kruger said.

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