MPs to visit Eskom headquarters

Eskom headquarters, MegaWatt Park, Johannesburg

Headquarters of Eskom, Megawatt park, north of Johannesburg. Eskom generates approximately 95% of the electricity used in South Africa and approximately 45% of the electricity used in Africa.

Scott Smith/ eNCA

JOHANNESBURG - The Portfolio Committee on Public Enterprises will visit Eskom’s headquarters at Megawatt Park on Thursday.

The committee is probing allegations of state capture at state-owned entities.

It’s also investigating an alleged corrupt relationship between Eskom and the Gupta family.

READ: Fitch downgrades troubled Eskom

Eskom is currently trying to recoup billions unlawfully paid to McKinsey and Trillian in 2016 and 2017.

Ratings agency Fitch on Wednesday downgraded Eskom to ‘BB-‘ from ‘BB+’ with a negative outlook.

The agency cited weakening liquidity and the company’s uncertain capacity to fulfil its short-term financial commitments as the underpinning rationale for the move.

This is the second ratings agency to downgrade the power utility’s ratings after Moody’s last week slashed its rating.

The committee is expected to meet the new board and general staff.