Gordhan says Eskom faces tough turnaround
The Minister of Public Enterprises Pravin Gordhan says Eskom will improve in the next few months.
Gordhan was addressing Fedusa's second day of the Leadership and Collective Bargaining Conference in Pretoria today.
"We don't have a choice but to get Eskom to work well. It's our biggest utility in some ways and provides a key service - the supply of electricity. I am confident that in a period of up to six months - we will begin to see the positive side of some things that Eskom has the potential to do. It's going to be a tough ride," Gordhan said.
Yesterday, Eskom chair Jabu Mabuza admitted that the power utility was in trouble with its debt sitting at R1 trillion.
"We owe over half a trillion rand worth of debt with our total net asset value being R1.2 trillion. We are having a debt to equity ratio up to 70% when the acceptable benchmark is about 45 to 55%," Mabuza said.
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