Posts tagged with 'Eskom'

 

Pull the generator closer and get those candles ready, Eskom #rollingblackouts will be with us shortly

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Eskom expressed its disappointment over the decision of the rating agency Moody’s that further downgraded the bankrupt entity of the state.

The Moody’s Investment Service downgraded Eskom from a B2 to a B3, which means the entity has no confidence in consumers or the rating agency.

With the downgrade, Eskom is brought into line with the poor performance of the ANC’s financial standing, and the distrust it creates at international and national level.

So the possibility exists that with the crisis management system, Eskom can once again start applying the load shedding system to alleviate its financial position, but the country will perish because of the impact it will have on the general financial position.

Late yesterday afternoon, Eskom acknowledged that it could reintroduce short notice “because the system is under pressure”, which is believed to be financial pressure.

 

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Trade unions are rejecting ANC’s plans to sell non-performing SOE’s

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All indications are that the ANC is prepared to execute the Tito Mboweni plan and sell the non-performing entities.

For the ANC it is like swallowing a prickly pear with thorns and all, because it is a testament to their inability to run certain entities profitably.

The Ramaphosa government faces an enormous fiscal dilemma, and the sale of various entities will not only be humiliating, but will also leave many ANC senior workers unemployed when private entities take over the entities.

However, the question is whether Cosatu and other unions will agree to such a move, knowing that their own members may lose their jobs because it is known that the state entities are not profitable because too many people are employed was taken.

Institutions such as Denel, SAA, Eskom, Transnet, and various other entities are likely to come under the “selling spotlight” when negotiating with the unions that will oppose the idea.

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Eskom problems not solved yet – Possibility of load shedding exists in the coming months

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The DA said in a statement on Thursday that it had reliably heard that Eskom had issued a warning to municipalities about the “strong possibility of load shedding in September and October” this year.

Natasha Mazzone, DA’s shadow minister of public affairs,  said in the statement that the opposition party has now written to Eskom chairman Jabu Mabuza for transparency in order to clarify the matter.

“Eskom has continually failed in its mandate to provide reliable and sustained electricity supply and it appears as if millions of South Africans and the faltering economy will be abandoned by Eskom again,” says Mazzone.

According to the statement, each load-bearing phase is estimated to cost the country about R1 billion a day.

“Eskom has repeatedly plunged our country into deep trouble. South Africa cannot afford a repeat of the load shedding of the country earlier this year, ”says Mazzone.

The DA is of
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Thank you SA for voting ANC – SA is broke thanks to the thieving done by ANC cadres in government

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It’s official: the South African state is bankrupt. President Cyril Ramaphosa confirmed it three weeks ago when he responded to questions in parliament.

Ramaphosa’s exact words were: “Our resources are now depleted.”

In simple terms, this means the government has run out of money.

In a normal country, such a statement by the head of state would have, at best, made national headlines. That it went unnoticed reveals a great deal about our journalists’ obsession with the fluff that constitutes the vacuity of our daily politics.

If you want to understand what it means for a state to run out of money, look at South African Express. It has grounded its planes. Last week, it told MPs it is struggling to pay salaries.

SA Express is not unique. Employees at Denel are not sure for how long their salaries will be paid. Eskom pays salaries from debt. It needs about R70bn for operations and debts. But its revenue i
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Medupi and Kusile power stations are still “off the grid” due to poor construction work, corruption and cost overruns

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More than 600 senior officials from Eskom and some executives were informed of the entity’s “turnaround” plan. According to documentation, Eskom is sitting without cash and has almost completely collapsed on several occasions.

R130bn has been loaned to the power provider and the state is expected to help as government announces increased tariffs. Eskom unbundling continues but will take four years to finalize. So the future is still bleak around the entity with its overloaded workforce and top structure officials.

In the last two years, Eskom reported a loss of R2.3 billion while R19.6 billion was wasted on unauthorized expenses.

In the meantime, Medupi and Kusile power stations are still “off the grid” due to poor construction work, corruption and cost overruns.

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Taxpayers will now have to bailout the Ramaphosa regime after Moody lost patience with SA’s poor economic situation and proposes a tax increase

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The poor economic conditions, unemployment, little foreign interest, the land grab program, Eskom and other entities’ financial inability are all reasons why the country is in such a mess.

Moody’s has pointed out to the ANC-regime that it will have to raise taxes to fix the mess at Eskom, which is the first step to a series of tax hikes.

With the SABC, Denel, SAL, Eskom, and several other entities failing to be a profitable industry as it was years ago, the regime is pushing to raise taxes.

The poor decision to launch a National Health Plan while the country is in junk status is considered to be one of the stupidest decisions the Ramaphosa regime has yet made, which will also lead to astronomical increases in taxes.

Moving out of professional corps such as doctors, nursing staff, lawyers and others is the strongest indication that the country is heading for an enormous crisis that cannot be reversed.

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#ParasiticParastatal – SA Express just another bottomless pit swallowing taxpayers’ money

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It is disturbing to realise that recently another enormous lifeline was quietly given to SA Express while all the attention was on Eskom, the SAA and the SABC. According to the Free Market Foundation, SA Express received a lifeline of R1,24 billion from the government in November last year and was now given government guaranteed financing amounting to R300 million.

It seems that the Free Market Foundation forced SA Express by means of the Promotion of Access to Information Act to disclose its financial statements and managerial account data.

SA Express has become a large hole draining tax money from the fiscus dam and if it continues in this way, it will drain everything until there is nothing left. The ANC will have to realise at some point that the country does not have an inexhaustible source of money and that public enterprises cannot be saved from financial ruin indefinitely.

Like with e-toll, taxpayers will get to a point where they will n
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Parasitic Parastatal Eskom is SA’s downfall with net loss of R20.7 BILLION and a deficit of R59 BILLION!

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The latest Eskom financial report just released shows once again that the entity is causing the country’s financial collapse.

The shock announcement that the power supplier is showing a net loss of R20.7bn for the financial year confirms that Eskom is holding the ANC regime hostage.

If the ANC regime wants to see the country get electricity, then they have to pay what is demanded…

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Government employees face 10% salary cut to fund crippling Eskom since National Treasury’s box is empty

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National Treasury director-general Dondo Mogajane has said that the best way to fund the bailout of failing state-owned enterprises could be to cut the salaries of all government employees by 10%, according to a report in the City Press.

The government has to find a way to close a R120-billion hole in its budget, which is the result of acceding to a R59-billion bailout for Eskom as well as a shortfall in tax revenue for the fiscal year ended March 2020.

“National Treasury’s box is empty,” Mogajane said to the City Press.

“Growth is not coming through and tax revenues are not there. We are in trouble. The government needs to reduce spending.”

“If we are going to be serious – without people losing their jobs – let us reduce the salaries and stop the bonuses,” Mogajane said.

In response to this plan, unions said that they would not accept the revocation of bonuses and salary cuts for their workers.

“Any talk
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Parasite SEO Eskom, paralysing SA as the country is running out of money; unless considered action is taken, not just talk – South Africa remains standing at the brink of destruction

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When Finance Minister Tito Mboweni on Tuesday told MPs government would have to review its funding requirements, he put into financial jargon that, actually, South Africa’s running out of money. And Eskom is to blame, in the main.

Bluntly put, Tuesday’s Special Appropriation Bill is scraping together R59-billion extra for Eskom — that’s in addition to the R23-billion a year already announced in February’s Budget — to ensure the power utility keeps its lights on.

The bailout timing is crucial — a week to the day before Eskom releases its financial results. Twice delayed already, it’s now on public record the power utility wasn’t a going concern; effectively bankrupt, it can’t meet its obligations under its own steam. The Special Appropriation Bill’s proposed R59-billion bailout over two years has ensured the auditors, on the back of such an official guarantee, can now sign off on the Eskom financials.

“Eskom’s funding pl
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Soweto’s huge debt burden amounts to more than R17 billion, where illegal power connections are more the rule than the exception in residential areas

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Soweto has been identified as the great sinner when it comes to outstanding debt to Eskom. The latest figures show that Soweto’s debt to the power provider is over R17bn.

Last week, technicians threatened that they would no longer perform repairs in neighborhoods where their security is threatened, areas effected including  Soweto.

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Eskom now in bed with MultiChoice – Current CEO of bankrupt National Power Supplier that is plagued by corruption, fraud and money laundering, now on board of pay channel

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Eskom is subject to fraud, money laundering, illegal tender awards and theft that results in the Chief Executive Officer of the entity or being dismissed or being prosecuted for all kinds of underhand operations.

The “life span” of a CEO at Eskom is not very long. Those who are still trying to get things right are resigning very quickly since workload, red tape and interference of councilors and politicians.

Now MultiChoice’s current CEO of Eskom sits at on their board. Add to this his chairmanship of Anheuser-Busch InBev Africa council, Sun International and the Casino Association of SA.

Businessmen ask when will he get time to get Eskom up, and what is MultiChoice’s motivation for his appointment?

-Read the original article in Afrikaans on Vryburger
This report does not necessarily reflects the opinion of SA-news.

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