A debt transfer plan for Eskom would be a key step toward turning around the engine that drives Africa’s most industrialized nation. Years of government bailouts and rolling power outages have weighed on the economy. Authorities will seek cabinet and parliament’s approval for the plan after determining the amount, along with the conditions the utility will need to meet before and following such a transaction.
“It’s going to take time, it’s complicated, legally and economically,” Brown said. “You’ve got to get the amount right, because you’ve got to take enough debt off their balance sheet so that they are actually sustainable, but not too much to give them a free ride and everyone has to be treated fairly.”to bring to end a 14-year-old power crisis.
The government also doubled renewable energy procurement to 5,200 megawatts. A move that will accelerate the country’s shift from a dependence on coal for more than 80% of its power toward the use of the nation’s abundant wind and solar resources. “Electricity supply is a binding constraint to growth and job creation, and hence the president’s plan to fix that,” Brown said.
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