Mboweni to present bill on R230bn rescue plan for Eskom
The tabling of the bill on Tuesday followed the announcement by President Cyril Ramaphosa of a R230billion bailout of the power utility. Ramaphosa said a significant portion of the R230bn would be given to Eskom immediately to avoid its collapse.
Peter Attard Montalto of Intellidex said the bill would have two parts. “First a spreadsheet detailing how much state money is being given to Eskom this fiscal year and next. We expect around R32bn this fiscal year and R62bn the next fiscal year,” said Montalto. “The second part of the bill will be an explanatory appendix which will detail conditionally and wider Eskom and energy system reforms. The level of detail here is crucial to credibility of the process for investors and the sovereign,” he said.
Eskom, which was expected to release its results at the end of the month, stated a few months ago that it was expected losses of R20bn for the last financial year.
Mboweni has indicated that they will appoint a chief restructuring officer at Eskom to oversee its operations.