Tshwane mayor Solly Msimanga has intensfied efforts to get the city council out of the controversial multimillion-rand electricity smart meter contract with Peu Capital Partners. "The city is in the process of getting itself out of the Peu smart meter contract which we believe was unlawfully entered into by the previous administration to the tune of billions. In so doing‚ the city has been haemorrhaging public funds that could otherwise be used to provide services to the millions of people in Tshwane who need a stable and sustainable electricity supply‚" said Msimanga. Presenting his "100 days in office" report‚ he disclosed that Tshwane had already paid Peu R1.65bn since the contract started in 2013. The contract‚ meant to give Tshwane better credit control‚ started in October 2013. Peu was to receive 19.5% of all electricity charges as commission and the council must pay R950m to get out of the contract.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.