South Africa’s growth outlook dimmed when utility Eskom announced unprecedented levels of blackouts. The power utility cut up to 6 000 megawatts of power from the national grid after heavy rain and flooding triggered failures at its Medupi power station.
President Cyril Ramaphosa says the ongoing load shedding is devastating for the country, causing our economy great harm and disrupting the lives of citizens.
Eskom has warned that debt owed is likely to balloon to R36 billion by the end of next year, if municipalities fail to pay.
Eskom’s acting CEO, Jabu Mabuza has pleaded with the country to get behind the new CEO who takes over the reigns early in 2020. Andre De Ruyter is the CEO of packaging giant, Nampak.
Energy analyst Chris Yelland, has called on Finance Minister Tito Mboweni to provide clarity on the way forward with Eskom to allay fears from lenders over the future of the power utility.