Eskom to get its R5bn from Treasury
by Andre Janse van Vuuren,
2016-02-26 10:19:03.0
SA WILL hand over R5bn to Eskom as the final payment of a capital injection into the state-owned power utility, the Treasury said on Friday.
"Treasury is working on a process to have the R5bn transferred next week," Phumza Macanda, a Treasury spokeswoman, said in a text message.
Mr Gordhan said on Wednesday that the government would postpone the last payment of a R23bn bail-out for Eskom until the utility implemented further cost cuts, improved maintenance and executed its capital expenditure programme.
The funding was promised in 2014 as a rescue package for the utility, which has been struggling to fund new plants while suffering breakdowns at its aging operations, prompting frequent power cuts in 2015.
Bloomberg
Eskom Medupi power station.
SA WILL hand over R5bn to Eskom as the final payment of a capital injection into the state-owned power utility, the Treasury said on Friday.
"Treasury is working on a process to have the R5bn transferred next week," Phumza Macanda, a Treasury spokeswoman, said in a text message.
Mr Gordhan said on Wednesday that the government would postpone the last payment of a R23bn bail-out for Eskom until the utility implemented further cost cuts, improved maintenance and executed its capital expenditure programme.
The funding was promised in 2014 as a rescue package for the utility, which has been struggling to fund new plants while suffering breakdowns at its aging operations, prompting frequent power cuts in 2015.
Bloomberg
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