Between January and March, Eskom raised R43bn from investors and lenders who have clearly warmed up to the new board and management team appointed in January. This is one of the few positive aspects of Eskom’s financial results for the year ended March, which showed the utility also lost a net R2.3bn in the period. Last year it made a net profit of R900m.The other welcome piece of news is that Eskom is on the verge of securing up to 80% of the current financial year’s borrowing requirement of R72bn. This would put it firmly on the road to finishing its huge Medupi and Kusile power stations at Lephalale and Emalahleni, which will cost over R300bn at completion in 2023. By then, Eskom’s debt will be an unprecedented R600bn, from the current R387bn.These milestones have been achieved since the departure of former executives Brian Molefe, Anoj Singh, Matshela Koko and others in the executive team, together with the boards appointed by former public enterprises minister Lynne Brown. Fran...
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