Private investments in energy generation will take two to three years before they solve the load shedding problem, Nedbank CEO Mike Brown said.
Browsing: Eskom
Eskom will reduce supply by 6GW until further notice after a unit at Medupi failed.
Plant breakdowns have plunged South Africa back into stage-6 load shedding.
It could take as long as five days to repair and install new power pylons that supply parts of South Africa’s capital.
South Africa should not shy away from spending to fix the country’s power crisis, electricity minister Kgosientsho Ramokgopa said.
Government has withdrawn an exemption granted to Eskom from reporting irregular spending in its annual financial statements.
Both trade Solidarity and Outa said on Wednesday that they had forced the premature end of the energy state of disaster.
Civil society groups warned the move raises concerns about rampant corruption at the state-owned power utility.
South Africa will exempt Eskom from having to report irregular spending to avoid harming the company’s credit rating.
The South African Revenue Service said ongoing power cuts have had a “debilitating” effect on the economy and revenue collection.