BOLD steps were required in order to save Eskom from its current financial problems, said BusinessLive citing the comments of the power utility’s chairman, Jabu Mabuza.
Presenting Eskom’s interim financial results today, in which most of the utility’s key financial metrics deteriorated, Mabuza said: “We are locked in a permanent loss-making position … We need bold steps to save Eskom”.
Eskom CEO, Phakamani Hadebe, said that despite a recovery programme, load-shedding could not be ruled out for the remainder of 2018. “We will do our best but South Africans need to know it’s a risk that is existing,” he said.
Mabuza said they were engaging stakeholders to find financial alignment, with the aim of about R30bn in savings over the next five years. He also confirmed the permanent appointment of Calib Cassim as CFO.
BusinessLive also said the final report of parliament’s inquiry into Eskom was adopted on Wednesday with the unanimous support of all political parties. The public enterprises committee, which conducted the inquiry, found that former ministers of public enterprises — Malusi Gigaba and Lynne Brown — were “grossly negligent” in carrying out their responsibilities.
