Proposals to reorganise the R454-billion owed by Eskom are days away from completion, according to an official who’s overseen their formulation.
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South African shares may have become too cheap for investors to ignore and Old Mutual Investment Group is among money managers seeing an increasing number of attractively valued shares.
The bold proposal by Cosatu to relieve Eskom of close to 60% of its debt using pension money may be presented by President Cyril Ramaphosa in next week’s state of the nation address.
Eskom warned that stage-2 load shedding will continue until the end of the week and is likely this weekend, too, and South Africans should get used to regular rolling blackouts for the next year and a half.
The Democratic Alliance has lambasted a government proposal to create a second state-owned electricity generation company in South Africa, labelling the plan “utter madness”.
Transnet is working with Eskom to reduce the ailing power utility’s costs by increasing the supply of coal delivered by rail and improving the quality and reliability of the primary feedstock for its thermal plants.
South Africa should establish a new entity that would generate electricity and reduce the nation’s reliance on state utility Eskom, mineral resources & energy minister Gwede Mantashe said.
President Cyril Ramaphosa defended his track record on reform and said policy measures being implemented by the government will yield stronger economic growth in time.
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Eskom’s new CEO, André de Ruyter, hopes to regain South Africa’s trust by addressing operational stability at the power utility.