The problems of South Africa’s state-owned enterprises are in the headlines every day. Yet many have existed for over 80 years.
Browsing: Eskom
Finance minister Tito Mboweni says government borrowing will surge and taxes may rise to fund the troubled Eskom. Yet no plan has been announced to restructure the overstaffed company.
South Africa’s decision to more than double its financial support for Eskom is “credit negative” for the sovereign rating as it’s an additional drain on the budget, Moody’s Investors Service said.
A financial crisis confronting South Africa’s state power utility has become a national debt problem.
South Africa may increase its borrowing plans following the latest bailout announced for struggling state-owned power utility Eskom, finance minister Tito Mboweni told MPs on Tuesday.
Karen Breytenbach, who oversaw the expansion of South Africa’s privately owned renewable energy projects, said she was asked to vacate her job about nine months before her contract expires.
Eskom has advertised for a new CEO two months after Phakamani Hadebe announced he’d vacate the post.
South Africa will ramp up support for its ailing state-owned power utility Eskom with an additional R59-billion spread over two years.
Of all the executives, government officials and consultants being recruited to tackle the mammoth task of rescuing South Africa’s state power utility, the toughest task could fall to the person who has to take it apart.
South Africa’s indebted power utility Eskom was already searching for a CEO and an executive to lead a turnaround of the company. It will now have to cast its net even wider to include a treasurer.