The rand plummeted and bonds extended declines as investors faced the stark reality of what bailouts for the embattled state power utility will cost South Africa.
Browsing: Eskom
South Africa has unveiled its long-awaited plan to save its debt-stricken state power utility, including exposing it to greater competition, lowering fuel costs, increasing renewable energy output and selling non-core assets.
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An economy stuck in the longest downward cycle since World War 2, chronic electricity shortages and soft business confidence – after 20 months running South Africa, patience is wearing thin with Cyril Ramaphosa.
Volkswagen Group South Africa is poised to implement a plan to move its manufacturing plant in Uitenhage, plus some of its component suppliers in an adjacent supplier park, off the national electricity grid.
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Following major problems that brought Eskom’s Medupi power station to its knees last week, Medupi manager Rudi van der Wal is leaving Eskom to take up a position overseas.
Deloitte has become the latest international company dragged into South Africa’s government-linked corruption scandals.
President Cyril Ramaphosa said Eskom’s financial position “remains untenable” and urged non-paying citizens to change a culture of non-payment.
Eskom remains the single largest fiscal threat to South Africa. And despite many promises from the president, he is yet to release a restructuring plan or appoint a permanent CEO of the utility.