The easiest way to rescue ailing state power utility Eskom would be for government to assume part of its R419-billion of debt, CEO Phakamani Hadebe said.
Browsing: Cyril Ramaphosa
President Cyril Ramaphosa’s state-of-the-nation address, delivered in parliament on Thursday evening, was the most technology-focused speech ever delivered by a South African head of state.
President Cyril Ramaphosa vowed to rescue the ailing state power utility by providing it with financial support and splitting it into three entities after it suffered massive losses and piled on debt.
President Cyril Ramaphosa unveiled plans to revive the flagging economy and create jobs, including removing obstacles to investing and doing business, attracting more tourists and stepping up the fight against graft.
Recent evidence splashed across newspaper front pages and televised hearings about bribes and sweetheart deals suggest the rot runs far deeper than most people thought.
Government will announce within a month how it plans to fix Eskom, the embattled state utility that supplies more than…
Eskom is facing a mounting repair bill at two new coal-fired power stations that are still under construction, compounding its already dire financial situation.
Government is pushing Eskom, the power utility with R419-billion in debt, to present a credible turnaround strategy before the 20 February budget presentation, a person familiar with the situation said.
Eskom expects to report a loss of more than R15-billion in the year to 31 March, a record for any state-owned company.
Eskom will extend its strategy of trimming top executive positions to include lower ranking managers and finally the general workforce, according to a person familiar with the plans.