EOH Holdings shares plummeted on Tuesday after Eskom published allegations that its former chief procurement officer was involved in acts of misconduct involving the listed technology group.
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Eskom is facing a mounting repair bill at two new coal-fired power stations that are still under construction, compounding its already dire financial situation.
South Africa is considering doubling the amount of electricity it plans to buy from a proposed multibillion-dollar hydro power plant in the Democratic Republic of Congo.
Government is pushing Eskom, the power utility with R419-billion in debt, to present a credible turnaround strategy before the 20 February budget presentation, a person familiar with the situation said.
Eskom expects to report a loss of more than R15-billion in the year to 31 March, a record for any state-owned company.
Eskom will extend its strategy of trimming top executive positions to include lower ranking managers and finally the general workforce, according to a person familiar with the plans.
The failure of energy regulator Nersa to register small-scale solar photovoltaic installations in Eskom electricity distribution areas is costing farmers dearly, says Ig du Plessis, director of power consultancy Sonfin.
Eskom may need to reinstate rolling power cuts after factories and businesses reopen following the summer holiday period, said CEO Phakamani Hadebe.
The government is facing potentially unpopular decisions needed to fix state companies. So far, it’s shied away from hard choices.
President Cyril Ramaphosa has signalled he doesn’t back a proposal from the struggling state-owned power utility for the government to assume a large portion of its debt.