Eskom welcomes lifeline

JOHANNESBURG - Eskom CEO Phakamani Hadebe says the lifeline Eskom has been given by Finance Minister Tito Mboweni, will help it to cover some of its debts and put more focus on operational issues.

Mboweni announced that government will give Eskom a total of R69-billion but will not take on R100-billion of debt as requested by the struggling firm.

President Cyril Ramaphosa wants to reform Eskom, which generates 95 percent of South Africa's electricity but is drowning in R420-billion of debt, to lift the economy before the elections in May.

In an effort to make Eskom more efficient, Ramaphosa said earlier this month the utility would be split into three separate entities - generation, transmission and distribution.

Source
eNCA