South Africa’s troubled state-owned power utility has yet another thing to worry about – a big carbon tax bill expected to kick in from 2023.
Browsing: Eskom
Jabu Mabuza, chairman of the South African power utility regarded as the biggest risk to the nation’s economy, has taken on a non-executive director role at pay-television company MultiChoice Group.
The risk of South Africa’s struggling state power utility going bust doesn’t appear to faze one of its biggest creditors: the World Bank.
Government is putting the final touches on a R230-billion bailout package intended to get its debt-stricken state power utility back on track. Except it won’t be nearly enough.
President Cyril Ramaphosa is considering whether to back a proposal to improve troubled Eskom’s debt terms by closing polluting coal plants early to make way for renewable energy.
South Africa’s economy remains stuck in its longest downward cycle since 1945, adding to the risk that it may fall into its second recession in a year.
The pressure on Eskom to curb emissions is yet another reason why the utility has become the biggest headache for President Cyril Ramaphosa.
South Africa has laid out a timeline for the restructuring of Eskom and pledged that creditors of the state-owned electricity company won’t suffer losses, according to a fund manager.
A meltdown at some of South Africa’s biggest state companies is intensifying, placing the nation’s finances at risk and frustrating President Cyril Ramaphosa’s efforts to attract new investment and resuscitate a moribund economy.
President Cyril Ramaphosa said government will soon give the embattled state power utility “a significant portion” of the R230-billion it needs over the next decade to remain solvent.