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State Companies News

Busa calls for inflation-linked Eskom hikes until power market is restructured  

By: Terence Creamer     4th February 2019 Business Unity South Africa (Busa) has urged the National Energy Regulator of South Africa (Nersa) to suspend its methodology for setting power tariffs and to grant Eskom only inflation-linked increases until the electricity supply industry has been restructured. In a presentation during Gauteng... 

South Africa should consider capitalising power firm Eskom again – CEO

By: Reuters     4th February 2019 South Africa should consider increasing capitalisation of power firm Eskom due to lower electricity tariffs, the utility's chief executive officer said on Monday. Eskom CEO Phakamani Hadebe also told a mining conference in Cape Town that there was need to consider "functionally unbundling" or... 

South Africa should consider capitalising power firm Eskom again – CEO
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe

Eskom warns of R20bn losses this year and next, even after big hikes  

By: Terence Creamer     4th February 2019 State-owned electricity utility Eskom is warning that its loss for 2018/19 will be worse, at R20-billion, than the R15-billion loss it had projected earlier and that it will be followed by another big loss in 2019/20 even if it receives hikes it is currently seeking from the regulator. CFO Calib... 

Eskom warns of R20bn losses this year and next, even after big hikes
Photo by Dylan Slater
Eskom CFO Calib Cassim

Eight senior Transnet execs issued with precautionary suspension letters  

By: Simone Liedtke     4th February 2019 Eight senior executives at State-owned Transnet have been issued with letters of precautionary suspension resulting from past internal audit and forensic reports that were not implemented by management at Transnet. The decision to issue the precautionary suspensions was taken after no follow-ups... 

Eskom says gets R15bn loan from lending consortium

By: Reuters     1st February 2019 South Africa's struggling power firm Eskom has agreed a R15-billion loan facility with a consortium of local and international banks, it said on Friday, an important step as it tries to close a funding gap before the end of March. Eskom is vital to the health of Africa's most industrialised... 

Eskom revises tariff upwards as it unveils shock changes to Nersa submission  

By: Terence Creamer     1st February 2019 Embattled electricity utility Eskom has made shock adjustments to its revenue application currently before the National Energy Regulator of South Africa (Nersa), which, if approved, would translate into tariff increases that are even higher than the 15% a year hikes sought in its initial... 

Eskom revises tariff upwards as it unveils shock changes to Nersa submission
Photo by Dylan Slater
Eskom CFO Calib Cassim

Zondo asks South African agencies to probe prison-food tenders

By: Bloomberg     1st February 2019 The head of a judicial panel probing corruption in South Africa directed the authorities to investigate allegations that almost R1-billion was paid to services company Bosasa to provide catering in the nation’s prisons without it doing the requisite work. “There was no labor from Bosasa, it was... 

How deep does the rabbit hole of South Africa's corruption go?

By: Bloomberg     1st February 2019 The name Gupta has become synonymous with state corruption in South Africa, as the family allegedly used its friendship with Jacob Zuma when he was president to win contracts and pick Cabinet members. But recent evidence splashed across newspaper front-pages and televised hearings about bribes... 

South Africa's largest labour union plans nationwide strike over mass layoffs  

By: Reuters     30th January 2019 South Africa's largest labour union group, with more than a million and a half members, said on Wednesday it would stage a nationwide strike on Feb. 13 over large-scale layoffs at ailing state-owned firms and at private companies. The decision by the Congress of South African Trade Unions... 

Opinion: Will unbundling Eskom ensure a sustainable electricity system?  

By: Tobias Bischof-Niemz     30th January 2019 That Eskom needs to be restructured is no longer in question. In its current form, the organisation poses a systemic risk to the South African economy and is ‘too big to fail’. The real question is what form this restructuring should take. For sure, the generation assets need to be separated from... 

Opinion: Will unbundling Eskom ensure a sustainable electricity system?
Photo by Creamer Media
Dr Tobias Bischof-Niemz

Denel launches cybersecurity division; urges government to use it

By: Rebecca Campbell     30th January 2019 State-owned defence industrial group Denel has urged the government to support the development of and make use of the capabilities of the group’s recently established division, Denel Sovereign Security Solutions (Denel S3). The aim was to ensure that cybersecurity for government information and... 

Gordhan says Eskom restructuring decision imminent  

By: Terence Creamer     29th January 2019 Public Enterprises Minister Pravin Gordhan said on Tuesday that Eskom’s financial and operational problems were unlikely to be solved without structural changes being made at the State-owned electiricity utility. Speaking as part of a panel discussion at Business Unity South Africa’s inaugural... 

Gordhan says Eskom restructuring decision imminent
Photo by Dylan Slater
Public Enterprises Minister Pravin Gordhan

Dudu Myeni 'was powerful', State capture inquiry hears 

By: African News Agency      28th January 2019 Former South African Airways (SAA) board chairperson and head of the Jacob Zuma Foundation (JZF), Dudu Myeni, was paid R300 000 monthly by Bosasa as she was powerful and ''very close'' to former president Jacob Zuma, Bosasa's former COO Angelo Agrizzi testified on Monday. Agrizzi said a designer... 

Dudu Myeni 'was powerful', State capture inquiry hears
Photo by Creamer Media
Former SAA board chairperson Dudu Myeni

SAA hopes to resume Blantyre flights by the weekend 

By: Rebecca Campbell     28th January 2019 National flag carrier South African Airways (SAA) hopes to reinstate flights between Johannesburg and Blantyre (Malawi) on this coming Saturday (February 2). The route has been suspended since January 18 due to Blantyre’s Chileka International Airport having being found to have serious safety... 

Government keen to see SAA debt restructured soon 

By: Reuters     28th January 2019 Government would like to see South African Airways' (SAA's) debt restructured as soon as possible, Transport Minister Blade Nzimande told Reuters on Monday. 

Government keen to see SAA debt restructured soon

Numsa slams 'nefarious' plans to privatise Eskom, other SOEs

By: African News Agency      28th January 2019 The National Union of Metalworkers of South Africa (Numsa) has accused the governing African National Congress of pursuing what it calls 'nefarious' plans to privatise power utility Eskom and other cash-strapped state owned enterprises. In a column published in a local newspaper on Sunday, Numsa... 

Mabuza reaffirms ANC's Reserve Bank nationalisation plan 

By: News24Wire      25th January 2019 Deputy President David Mabuza has reaffirmed the African National Congress's (ANC's) intention to nationalise the South African Reserve Bank and place "public interest and development" at the centre of central bank's existence.  The ANC resolved at its 2017 national elective conference – where... 

 Mabuza reaffirms ANC's Reserve Bank nationalisation plan
Deputy President David Mabuza

World Bank says Eskom debt restructuring should be coupled to power market reform  

By: Terence Creamer     23rd January 2019 World Bank country director Paul Noumba Um believes the South African government is moving in the “right direction” by pursuing discussions on possible debt relief for Eskom in conjunction with plans for restructuring the utility and overhauling the architecture of domestic power market. He also... 

World Bank says Eskom debt restructuring should be coupled to power market reform
World Bank country director Paul Noumba Um on restructuring of Eskom and the need for power-market reform. Camera Work & Editing: Darlene Creamer

World Bank says Eskom simply too big to fail

By: News24Wire      22nd January 2019 The World Bank has argued that Eskom is too big to fail, and the South African economy would not withstand a financial meltdown of the cash-strapped power utility. "It is just too big to allow it to disintegrate, and fixing all these pieces will be costlier than trying to reform it," the bank’s... 

 World Bank says Eskom simply too big to fail

PIC suspends exec, manager pending investigation

By: Marleny Arnoldi     22nd January 2019 The Public Investment Corporation (PIC) has resolved to suspend listed investments executive head Fidelis Madavo and assistant portfolio manager Victor Seanie effective immediately amid investigations into alleged irregularities. This follows responses that were given to the Standing Committee... 

SAA extends flight cancellations to Blantyre over airport safety failings

By: Rebecca Campbell     22nd January 2019 South African national flag carrier South African Airways (SAA) announced on Tuesday that it was extending its cancellation of flights between Johannesburg and Blantyre, Malawi. The extension means that the flights to and from Blantyre scheduled for Wednesday January 23 have now been cancelled.... 

SAA extends flight cancellations to Blantyre over airport safety failings

South Africa may double power purchases from Congo hydro plant

By: Bloomberg     21st January 2019 South Africa is mulling committing to doubling the amount of electricity it will buy from a proposed multibillion-dollar hydro power plant in the Democratic Republic of Congo. Increasing the amount of electricity that South Africa will buy has become a linchpin for the companies seeking to build... 

South Africa may double power purchases from Congo hydro plant

Eskom faces coal supply shortfall, long term contracts coming to an end – manager

By: African News Agency      18th January 2019 State-owned electricity utility Eskom is grappling with a coal supply shortfall at several power stations with long term contracts coming to an end, a senior company executive has said. South Africa is also experiencing lack of new mining investments in large scale coal mines and execution of... 

Eskom faces coal supply shortfall, long term contracts coming to an end – manager

No pleasantries as KZN consumers challenge Eskom’s proposed tariff increase

By: African News Agency      18th January 2019 Instead of granting increases to Eskom’s “fat cats”, the state-owned energy supplier should be told to reclaim money stolen through corruption, representatives from the National Energy Regulator of South Africa (Nersa) were told on Thursday. “We propose a radical shift in how electricity is... 

South Africa’s electricity sector 

18th January 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Eskom’s latest tariff applications, its debt burden and what South Africa needs to ensure the future sustainability of its electricity supply. 

South Africa’s electricity sector
South Africa’s electricity sector

New board has important issues to consider regarding Necsa

By: Rebecca Campbell     18th January 2019 Major decisions are going to have to be taken about the future of the South African Nuclear Energy Corporation (Necsa), new Necsa Board Chairperson Dr Rob Adam has old “Engineering News”. A totally new Board for the corporation was announced by the Government on December 6, the new Board’s term... 

Transnet to pursue ‘just and equitable’ settlements with rail OEMs awarded ‘unlawful’ contracts 

By: Terence Creamer     17th January 2019 Having determined the procurement of 1 064 diesel and electric locomotives to be “irregular and unlawful”, Transnet has communicated its intention to review contracts awarded to four original equipment manufacturers (OEMs) in 2015. The State-owned freight logistics group has also indicated that... 

Transnet to pursue ‘just and equitable’ settlements with rail OEMs awarded ‘unlawful’ contracts
Photo by Dylan Slater
Transnet chairperson Dr Popo Molefe

Agrizzi shows inquiry video of Bosasa bosses counting money for ACSA tender bribe

By: African News Agency      17th January 2019 Former Bosasa chief operating officer Angelo Agrizzi on Thursday showed the commission probing state capture a video in which businessman Gavin Watson counted money allegedly used to pay a bribe to secure a R14 million a month contract from the Airports Company of South Africa (ACSA). Continuing... 

Popo Molefe says new board found 'horror show' at Transnet

By: News24Wire      17th January 2019 State-owned freight rail company Transnet has issued summons to former top executives it says are implicated in financial mismanagement with a view of recouping some of the squandered money. Popo Molefe, chair of the Transnet board, said on Thursday morning at a media briefing that civil claims... 

Popo Molefe says new board found 'horror show' at Transnet
Photo by Dylan Slater
Transnet board chairperson Popo Molefe

Transnet issues summons to top former execs

By: News24Wire      17th January 2019 Transnet says it has issued summons to former top executives implicated in financial mismanagement with a view of recouping some of the squandered money.  Popo Molefe, chair of the Transnet board, was on Thursday giving the media an update on the operational status of the State-owned freight rail... 

Transnet issues summons to top former execs

Optimum, Koornfontein preliminary business rescue plan to be submitted for creditor approval next week 

By: Marleny Arnoldi     16th January 2019 Legal adviser Bouwer van Niekerk expects to have a preliminary business rescue plan for Optimum Coal Mine and Koornfontein Mine submitted for creditor approval by the end of next week, he confirmed to Mining Weekly Online on Wednesday. The mines’ business rescue practitioners (BRPs) have been... 

Optimum, Koornfontein preliminary business rescue plan to be submitted for creditor approval next week

Ramaphosa says Eskom challenges are being addressed

By: African News Agency      16th January 2019 President Cyril Ramaphosa on Wednesday said that government was taking necessary steps to address challenges faced by Eskom as it remained an albatross around the country's neck. Ramaphosa was speaking at a breakfast meeting with TeamSA.  

 Ramaphosa says Eskom challenges are being addressed
President Cyril Ramaphosa

SAA appoints former prosecution chief to its group executive 

By: Rebecca Campbell     15th January 2019 Embattled State-owned flag-carrier South African Airways (SAA) announced on Tuesday that Advocate Vusi Pikoli had been appointed as the airline’s Chief Risk and Compliance Officer. He will take up the post on February 1. Pikoli is currently an advisor to the Minister of State Security. He was,... 

'Find it in your heart, Eskom' – public's pleas on 'unbearable' tariff hikes  

By: News24Wire      15th January 2019 Granting power utility Eskom the 15% annual tariff hike it has asked for will only add pressure to already struggling households, the National Energy Regulator of South Africa (Nersa) heard on the second day of public hearings.  The energy regulator, which sets prices and tariffs for Eskom,... 

'Find it in your heart, Eskom' – public's pleas on 'unbearable' tariff hikes

Goldman models risk of 1 000 basis point Eskom blowout for South Africa  

By: Reuters     15th January 2019 Investment bank Goldman Sachs said South Africa's rand could tumble 3.5% if State-run power utility Eskom suffers a major sell-off in its bonds, but it could also jump 4.5% if the firm's troubles improve. Goldman's analysts said an Eskom risk gauge used by the bank was now close to its most... 

Goldman models risk of 1 000 basis point Eskom blowout for South Africa

Organisations criticise ‘untransparent’ and ‘inefficient’ Eskom

By: Kim Cloete     14th January 2019 The Organisation Undoing Tax Abuse (Outa) has suggested that Eskom should be granted an electricity tariff increase of only 5% over the next three years and pushed for a radical overhaul of the utility. “We recommend a consumer price index tariff increase of 5% a year for the multiyear price... 

Salga warns of the dangers of raising electricity tariffs

By: Kim Cloete     14th January 2019 The South African Local Government Association (Salga) has rejected Eskom’s appeal for a 15% tariff increase over the next three years, saying the utility is "out of touch with reality". “There is already too much burden hanging over South African customers. We can’t expect them to pay,” Salga... 

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