President Cyril Ramaphosa addresses a press conference at the World Economic Forum in Davos, Switzerland, on Wednesday. Photo: GCIS

DAVOS – South Africa President Cyril Ramaphosa will soon announce a set of measures to stabilise and improve the badly listing Eskom's financial position and in so doing ensure uninterrupted energy supply.

Speaking at a press conference at the World Economic Forum (WEF) in Davos, Switzerland, Ramaphosa said: "We are currently developing a response to the financial and operational crisis at the country’s electricity utility Eskom.

"In the next few weeks, we will be announcing a set of measures to stabilise and improve the company’s financial position and to ensure uninterrupted energy supply."

Ramaphosa appointed a high-level task team in December to address the numerous challenges that Eskom faces, including crippling debts and regular bouts of electricity black-outs as the utility scampers to avoid a complete system shutdown.

The task team is to submit initial recommendations to the president by the end of January.

The troubled state-owned power utility is facing a myriad of challenges, including escalating overhead costs, low-quality coal stockpiles, corruption, and low revenues and has asked the energy regulator for a 15 percent annual tariff hike over the next three years in a bid to help cover a R400 billion debt.

African News Agency (ANA)