EDITOR’S NOTEBOOK
LUKANYO MNYANDA: Arduous rescue plans ahead for Eskom and Cyril Ramaphosa
The power utility is still far from being out of the woods — a good reason for existing and potential lenders to remain cautious
How quickly perceptions can change. If you mentioned Eskom six months ago, the talk would have been about alleged dodgy deals and impending bankruptcy. The possibility of the utility compromising the entire country’s fiscal credibility, with dire consequences for the ability to fund key services and support economic growth, would also have been a key theme. Futuregrowth, which caused a stir in 2016 when it stopped lending to Eskom and other state-owned enterprises, citing poor governance, was as recently as January still warning the utility over its failure to release financial results on time.So to hear from the new CEO, Phakamani Hadebe, that the company had managed to raise about R13bn in the first two months of the 2019 financial year and was ahead of funding targets marked some turnaround in confidence. So it seems that President Cyril Ramaphosa isn’t the only one enjoying a honeymoon. It looks as though the transition from the Brian Molefe era to the start of the Hadebe era ha...
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