South Africa is asking independent power producers to lower electricity costs as part of the rescue of Eskom, the insolvent state-owned utility.
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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.
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.