The finances of Eskom, Transnet and other companies owned by South Africa’s government have deteriorated to such an extent that they now pose a significant risk to the nation’s finances, the auditor-general said.
Struggling power utility Eskom has extended its load shedding regime from four stages that allow up to 4GW of demand to be shed, or cut, to eight stages providing for up to 8GW to be shed.
Eskom is proposing executive job cuts and a reorganisation of management units in an effort to improve the utility’s financial position.
Eskom has shut down 11 power station units due for major maintenance because it lacks the funds to fix them.
A forensic report into Eskom and Transnet found some executives and board members failed to act in the companies’ best interests and recommended criminal investigations against them.
State-owned power utility Eskom may be forced to implement controlled blackouts before the end of the year because of pressure on the national system, CEO Phakamani Hadebe said on Friday.
The battery boom is coming to China, California and basically everywhere else – and it will be even bigger than previously thought.
Eskom’s coal stockpile situation has deteriorated further, with five power stations having less than 10 days’ stock.
South Africa’s deputy energy minister expects the latest round of climate talks will make global markets cleaner starting next year and defended her nation’s coal use as a way to reduce poverty.
South African mining veteran Brian Menell wants to build a battery material giant to help challenge China’s domination of the nascent industry.