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The National Treasury is formulating a plan to transfer a significant portion of Eskom’s almost R400bn debt load to its own balance sheet in an attempt to find a sustainable solution to the state-owned power utility’s debt crisis.

Eskom’s bonds rallied on the news, which was first reported by Bloomberg. The development is likely to make it easier for the power utility to raise cheaper financing to fund much-needed expenditure on maintenance and possible further investment in generating capacity...

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