Phakamani Hadebe will step down as CEO of Eskom at the end of July, deepening a crisis that Goldman Sachs has described as the biggest threat to the country’s economy.
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As speculation swirls about plans to deal with Eskom’s crippling debt load, one group of stakeholders hasn’t been consulted: owners of the company’s R243-billion of bonds.
Green buildings are increasingly in demand in the face of concerns around Eskom’s ability to supply power.
South Africa is considering the creation of a special-purpose vehicle as part of a restructuring of the country’s embattled state-owned power utility, which has almost R500-billion of debt.
Eskom’s debt burden, described by Goldman Sachs Group as the biggest threat to the nation’s economy, has burgeoned, compounding the difficulty the government faces in formulating a turnaround plan.
President Cyril Ramaphosa said the government won’t cut jobs at state power utility Eskom as it divides the company into three separate businesses.
South Africa’s largest labour federation is prepared to discuss reducing workers at the nation’s power utility if it’s given proof of overstaffing and that job cuts would save Eskom.
Eskom “isn’t on the brink of financial collapse” and the government has the problem “well under control”, public enterprises minister Pravin Gordhan has said.
Less than a week after the CEO of Eskom declared “the days of surprises are over”, documents show the government was forced to pay R5-billion in emergency funds so the utility could meet obligations.
Eskom is overhauling the Africa’s sole nuclear plant with the aim of extending its lifespan by at least 20 years.