For Creamer Media in Johannesburg, I’m Lumkile Nkomfe.

Making headlines: Eskom once again urges prepaid metered customers to recode their meters before Nov 24; DA concerned National State Enterprises Bill will bring back State capture; And, South African rand falls in risk-off move after Russian nuclear comments

Eskom once again urges prepaid metered customers to recode their meters before Nov 24

State-owned power utility Eskom is once again urging all prepaid electricity customers to update their meters immediately to avoid an unexpected loss of electricity after the deadline of November 24.

It is critical that all customers, including those who have not bought electricity in the past six months or more, buy electricity tokens from authorised vendors by November 24 to prevent the meter from becoming inoperable, losing power and incurring replacement costs, says Eskom Distribution group executive Monde Bala.

Buying electricity tokens will provide customers with two sets of 20-digit codes needed to recode and update their meters, he points out.

Customers with meters still using Key Revision Number 1 have likely not bought electricity for more than six months.

Bala emphasised that meters still using KRN1 will no longer accept electricity tokens after November 24.

This means that once your current credit is depleted, you will lose power and the meter will become inoperable, necessitating a meter replacement that could cost up to R12 000, which the customer will have to pay.

Eskom is prepared to issue tokens to all customers who have not recoded their meters to ensure continuous and secure electricity purchases after November 24. 

Customers who recode by this deadline will be able to buy tokens seamlessly from all official vendors and maintain uninterrupted supply.

DA concerned National State Enterprises Bill will bring back State capture

The Democratic Alliance said that should the African National Congress succeed in pushing through to Parliament the National State Enterprises Bill, this will allow a return of the capture of State-owned companies through a singular holding company that controls them all.

DA Spokesperson on Planning, Monitoring & Evaluation Darren Bergman said his party will continue pushing against the Bill, pointing out that South Africa’s circumstances and history demanded a strengthening of oversight over State-owned enterprises, not “hiding them all in a giant state company.”

Bergman explained that there is also a growing imperative for government to assess and determine which SOEs remain worthwhile and which can be let of.

He said unbundling non-performing SOEs and opening the door to private sector participation are key to ensuring sustainable growth and stable government-owned entities.

The previous process to approve the Bill in the National Assembly lapsed with the election in May 2024 and formation of the new government.

In late July 2024, the Bill was revived in the National Assembly and proceedings to take the Bill through parliamentary processes and into legislation were resumed.

Bergman explained that while President Cyril Ramaphosa recently signed a proclamation returning SOEs to relevant ministries, the ANC remained “hellbent on bulldozing” the Bill through Parliament.

And, South African rand falls in risk-off move after Russian nuclear comments

The South African rand fell today as investors pulled out of riskier assets after President Vladimir Putin updated Russia's nuclear doctrine amid escalating tensions with the United States over Ukraine.

The rand traded at 18.08 against the US dollar, about 0.8% weaker than its previous close. The currency had lost more than 1% against the greenback earlier in the day.

Putin approved an updated nuclear doctrine, with the aim of making potential enemies understand the inevitability of retaliation for an attack on Russia or its allies, driving investors to safe-haven currencies like the dollar.

Traders also said that markets were confident of an interest rate cut by the South African Reserve Bank on Thursday, which could weaken the currency.

South Africa-focussed investors will look to October's inflation print on Wednesday and the central bank's monetary policy decision a day later.

That’s a roundup of news making headlines today

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