Six months ago, South African President Cyril Ramaphosa said the country’s indebted power utility would be split in three, it would get new leadership and its debt wouldn’t become a burden on the nation’s finances. Instead, an initial bailout has been …
Eskom gets bailout funding. Now it needs a rescue plan Read More »
Finance Minister Tito Mboweni has allocated an additional R26-billion to debt-ridden Eskom for 2019/20 and R33-billion for 2020/21 in a bid to help the utility meet its financial obligations. “Eskom’s funding plan is dependent on Eskom raising addition…
Mboweni warns extra R59bn allocated to Eskom comes at ‘huge’ cost to fiscus Read More »
The South African government has made an extra R59-billion available to State-owned power utility Eskom over the next two years so it can meet its obligations, a Special Appropriation Bill seen by Reuters on Monday showed. Eskom, which supplies more th…
South Africa allocates extra R59bn for cash-strapped Eskom Read More »
The South African government has made an extra R59-billion available to State-owned power utility Eskom over the next two years so it can meet its obligations, a Special Appropriation Bill seen by Reuters on Monday showed. Eskom, which supplies more th…
South Africa allocates extra R59bn for cash-strapped Eskom Read More »
Of all the executives, government officials and consultants being recruited to tackle the mammoth task of rescuing South Africa’s state power utility, the toughest task could fall to the person who has to take it apart. President Cyril Ramaphosa last m…
South Africa set to name ‘bad cop’ to oversee Eskom rescue Read More »
Ask Nedbank Group CEO Mike Brown how to save South Africa’s beleaguered State-owned power utility and his approach is simple: first give it cash and then consider a debt-to-equity swap later. Eskom Holdings is paying so much in interest on its debt – a…
Eskom’s quickest fix is giving it cash now, swapping debt later Read More »
The rand rose to the strongest level since February after Eskom Holdings biggest bondholder was said to have a rescue plan for the state-owned company. The currency, which was already being buoyed by a global rally, added as much as 0.9%, bringing the …
Rand strengthens as Eskom proposal soothes traders’ nerves Read More »
South Africa’s troubled state-owned power utility has yet another thing to worry about – a big carbon tax bill expected to kick in from 2023. Eskom Holdings, which has been forced to turn to the government for bailouts to meet its obligations, mostly b…
Eskom has yet another headache – an $813m a year carbon tax bill Read More »
South Africa is weighing extra options to support Eskom, including swapping the financially troubled State power firm’s debt for government bonds or ring-fencing it in a special account, a senior treasury official said. Discussions are at an early stag…
South Africa weighs new support measures for struggling Eskom Read More »
The risk of South Africa’s struggling state power utility going bust doesn’t appear to faze one of its biggest creditors – the World Bank. The Washington-based lender agreed to lend Eskom Holdings $4-billion almost a decade ago to boost its generation …
Good news for Eskom – World Bank says South Africa will save it Read More »
