South Africa’s struggling power utility started a third day of power outages, blaming issues including failures at two huge new power stations that are also the main source of the company’s massive debt.
Browsing: Pravin Gordhan
Two new coal-fired power plants being built in South Africa are “badly designed and badly constructed”, public enterprises minister Pravin Gordhan said on Tuesday.
The government is facing potentially unpopular decisions needed to fix state companies. So far, it’s shied away from hard choices.
Public enterprises minister Pravin Gordhan on Thursday announced immediate plans to put an end to the load shedding that has been a daily occurrence countrywide since 29 November.
Bloated by debt, bled by corruption and battered by structurally declining sales, Eskom is facing what’s known in the industry as a “death spiral”.
Eskom is locked into a permanent loss situation and revenue is structurally limited. Expenses have ballooned due to inefficiencies, and electricity tariffs are not cost-reflective.
Former finance minister Pravin Gordhan has directly implicated Jacob Zuma in being part of an orchestrated campaign to loot billions of rand in taxpayer funds during his almost nine-year tenure as president.
South Africa’s recovery from corruption at its state-owned companies requires thorough reform and punishing those responsible, according to public enterprises minister Pravin Gordhan.
Scepticism is mounting that the alleged masterminds of South Africa’s biggest-ever embezzlement of state funds will ever be held to account.
For the past eight years, South Africa was heading down the road to being run as a criminal enterprise.