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'We need R1.7-trillion to put Eskom on a healthy footing'

17 October 2019 8:25 AM
Tags:
Eskom
Government
bailout
#EskomLoadShedding
Energy expert Ted Blom says Eskom's debt is holding South Africa to ransom.

Just how is beleagured Eskom going to dig itself out of its black hole?

Energy experts have been citing some frightening figures - Mining and Energy Advisory partner Ted Blom says government will need R1.7-trillion to fix the problems at the power utility.

Blom notes that while Eskom has acknowledged it owes at least R450-billion in long-term debt, this figure does not take into account a number of costs.

The power utility announced on Wednesday it will be implementing Stage 2 load shedding due to capacity shortage.

RELATED: Eskom is using load shedding as bargaining chip to get more money, says DA

Eskom has gone on record and said they will open 14 new coal stations, but they have not factored in the costs in their statements.

Ted Blom, Partner - Mining & Energy Advisers

We need R1.7-trillion to put Eskom on a healthy footing. This thing is holding the South African economy to ransom.

Ted Blom, Partner - Mining & Energy Advisers

Blom says Treasury has admitted it does not have R1.7 trillion.

If Treasury has not got it we have to decide if we are going to limp with Eskom for the next 50 years or are we going to fix this immediately and create the 3 million jobs that Eskom has shed.

Ted Blom, Partner - Mining & Energy Advisers

Listen to the full interview below:


17 October 2019 8:25 AM
Tags:
Eskom
Government
bailout
#EskomLoadShedding

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