Government will soon agree on a unified approach to turning utility around that has R402bn in debt, minister says
An Eskom logo is seen at the utility's Megawatt Park headquarters in Johannesburg. Picture: BLOOMBERG/WALDO SWIEGERS
Options on the table include selling some of its old coal plants and accelerating the retirement of others, capturing carbon emissions, getting the state to take over half of its debt and converting R82bn of bonds held by a state-worker pension fund into equity. Years of so-called state capture have left a lasting mark on the company and it will take time to address the damage and change its culture, according to Gordhan. “In some cases you would want to fire somebody on the spot, but legislation won’t allow you to do that,” he said. “It would be nice to be able to do that — if you are caught red-handed you get fired right now, pack your bags, go home and find another job somewhere else.
Finance minister Enoch Godongwana will have to decide whether the government assumes part of Eskom’s debt by the time of the budget in February next year, giving consideration to the serious fiscal constraints the country is facing, he said.
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