Carol Paton Writer at Large
Eskom chair Jabu Mabuza, public enterprises minister Pravin Gordhan and Thuto Shomang, acting director of Eskom, address a media briefing at Megawatt Park in Johannesburg, December 6 2018. Picture: FREDDY MAVUINDA
Eskom chair Jabu Mabuza, public enterprises minister Pravin Gordhan and Thuto Shomang, acting director of Eskom, address a media briefing at Megawatt Park in Johannesburg, December 6 2018. Picture: FREDDY MAVUINDA

Public enterprises minister Pravin Gordhan and Eskom’s top leadership on Thursday declared that Eskom is in crisis with an unprecedented breakdown of old plants due to neglect and exceptionally poor performance of new units due to poor quality work by contractors.

But although Gordhan gave an extensive briefing on Eskom’s operational difficulties, he did not provide answers on Eskom’s bigger problem, its financial crisis. The omission spooked bond holders, whose concerns are mounting as they may have to take losses on their holdings.

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