Eskom has shortlisted three candidates for CEO to lead the loss-making utility out of its debt crisis, according to three people familiar with the process.
Browsing: Eskom
Government will announce its strategy to turn around ailing Eskom after it has finalised a master plan to revive the economy, according to minister in the presidency Jackson Mthembu.
A plan to establish the world’s largest green energy financing initiative is being threshed out in South Africa.
Eskom, labouring under R450-billion of debt, has sought advisers on how to implement a government bailout seven months after President Cyril Ramaphosa said the company would be reorganised.
Fixing loss-making power utility Eskom is complex and it will take time for the government and the company to agree to a plan, according to Moody’s Investors Service.
Government is intent on ensuring the embattled Eskom becomes a sustainable entity and will consult with its debt holders on any reorganisation, public enterprises minister Pravin Gordhan said.
Eskom managed to keep the lights on in winter and aims to continue averting load shedding while balancing the need to increase maintenance to protect against the risk of unreliable plant performance.
Eskom’s power system “remains tight and vulnerable” going into the summer because of increased maintenance.
South Africa should quicken the process of spinning off one of Eskom’s units as a first step toward overhauling its operating structure, according to two people familiar with the options being presented to the government.
Eskom has rejected proposals by national treasury that it sell some plants to reduce its debt mountain, a lawmaker said.