Eskom’s standalone credit profile was downgraded one notch at Fitch Ratings, signalling the South African power utility’s worsening ability to repay debt without additional government support.
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South Africa is asking independent power producers to lower electricity costs as part of the rescue of Eskom, the insolvent state-owned utility.
A new report proves what everybody already knows: businesses cannot operate without electricity and without operating businesses the economy cannot grow.
Debt-laden power utility Eskom has narrowed its search for a new CEO as the government finalises a plan to rescue the business.
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.
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.