Deloitte has become the latest international company dragged into South Africa’s government-linked corruption scandals.
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While the immediate causes of the generation crisis at Eskom are well known, the emergency it found itself in this week has been some time coming.
As South Africa enters its third day of blackouts, investors are still awaiting word from President Cyril Ramaphosa’s administration on how it’s going to fix the ailing state power company.
Eskom says it has had another major setback at its Medupi power station and will be implementing stage-1 load shedding from 9am to 12pm and thereafter revert to stage-2 load shedding until 11pm.
South Africa has been promising for months to fix Eskom. While little tangible progress has been evident so far, several key decisions are due to be taken this month.
Debt-laden power utility Eskom has narrowed its search for a new CEO as the government finalises a plan to rescue the business.
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.
Eskom, struggling with more than R440-billion in debt, has said it will take as long as three to five years to comply with the government’s plan to split the company into three separate units.
The chief executive role at Eskom, considered the most challenging job in corporate South Africa, is attracting interest from people who know how difficult turning around the debt-ridden state utility will be.