Eskom should consider selling two coal-fired plants that rank among the world’s biggest to repair the state-owned utility’s finances, according to the head of South Africa’s biggest bank by market value.
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Public enterprises minister Pravin Gordhan on Thursday announced immediate plans to put an end to the load shedding that has been a daily occurrence countrywide since 29 November.
Bloated by debt, bled by corruption and battered by structurally declining sales, Eskom is facing what’s known in the industry as a “death spiral”.
Huawei is planning to unveil a new phone with a camera capable of taking three-dimensional pictures, people familiar with the matter said.
Eskom wants government to absorb about R100-billion of debt as part of a rescue plan for the state-owned utility, according to a report, a move that will put further strain on already stretched state finances.
It’s deja vu for South Africa as a chronic power deficit plunges large tracts of the country into darkness and casts a pall over the already struggling economy.
Cash-strapped power utility Eskom should rely on bond markets to raise the funds it needs rather than expecting bailouts from the government, finance minister Tito Mboweni said.
Eskom expects to launch its turnaround strategy in 2019 after at least two delays of its much-anticipated recovery plan, as power cuts blanket the nation.
Eskom’s warning that the country was threatened by months of rotating blackouts became a reality in less than 24 hours.
Eskom will cut 2GW of supply from the national grid because it lost additional generating units overnight.