Eskom’s restructuring path wouldn’t have been easy in simpler times, but in a period where its operational limitations have been laid bare and its revenue challenged by the Covid-19 pandemic, it’s been so much more challenging. Still, it’s the only route that can secure a stable and secure energy supply, putting an end to 13 years of load-shedding, which has dealt great damage to our economy.

Wage talks with unions representing Eskom’s more than 44,000 workers only add another layer of complication: demands of a 15% increase simply do not reflect the utility’s realities. In the context of these talks that are set to drag into June, it would be timely to reflect on, and in the near future undergo, a balance sheet and income statement optimisation...

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