Ricochet News

Load-shedding could be a thing of the past - CEO

By Charl Bosch - Apr 22, 2015
Load-shedding could be a thing of the past - CEO

New Acting CEO of Eskom, Brain Molefe, has said that the state-owned parastatal could eradicate load-shedding by the end of the year if an additional 3 000 megawatts can be found.

According Eyewitness News, Molefe, who also serves CEO of state-owned logistics firm Transnet and was appointed to the top position of the struggling energy supplier last week in place of suspended boss Tshediso Matona, made the statement during a briefing session in Parliament on the current status of the national grid.

He stated that current generating capacity stood at 43 000 megawatts but that ongoing maintenance would result in a cut of 5 400 megawatts and the implementation of load-shedding. Molefe however rebuked speculation that the Eskom was bankrupt after the utility received a R23-billion injection from government earlier this year, and despite being downgraded to “junk status” by Standard & Poor last month.

“From a cash position Eskom has got a substantial amount of facilities that have been negotiated but not drawn down,” he said, adding that that the lights have remained on 96% of the time.

“We will be engaging with rating agencies to find out what it is they would like to see for Eskom to be re-rated investment grade and we will do everything that they say we should do to bring it back.”

Last month, former Eskom CEO Jacob Maroga warned that the beleaguered power supplier would be unable to survive without constant government bailouts and that its failure to accept investments from private firms, was partially to blame for the current energy crisis.


CAPTION: New Eskom CEO and current Transnet boss, Brain Molefe IMAGE sourced from netwerke24.com