Johannesburg- Eskomis close to being able to run its maintenance programme to deal with a backlog accumulated over the years without load shedding, acting chief executive officer Brian Molefe told Parliament on Friday.
“Maintenance without load shedding,” was the parastatal’s new strategy, Molefe told members of the standing and select committees on appropriations when Eskom and the Department of Public Enterprises appeared before them to motivate for a R23 billion government cash injection and the conversion of a R60bn subordinated loan into equity held by the state.
The cash injection and conversion of the loan have already been approved by the cabinet but must be approved by Parliament before they can come into force – a process expected to be completed before the end of the month.
Molefe said after the meeting if Parliament approved the measures, he was confident Eskom would be able to regain investment grade status from rating agencies by 2018, enabling it to borrow at more reasonable interest rates.
Eskom acting chief financial officer Nonkululeko Veleti said the measures would improve the entity’s debt to equity gearing to 67 percent, from 75 percent without them.