{"id":330589,"date":"2019-07-22T13:27:02","date_gmt":"2019-07-22T11:27:02","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=330589"},"modified":"2019-07-22T13:27:02","modified_gmt":"2019-07-22T11:27:02","slug":"eskom-to-get-r59-billion-bailout-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/energy\/330589\/eskom-to-get-r59-billion-bailout-report\/","title":{"rendered":"Eskom to get R59 billion bailout: report"},"content":{"rendered":"

The South African government will make an extra R59 billion available to state-owned power utility Eskom over the next two years so it can meet its obligations.<\/p>\n

Reuters<\/a> <\/strong>reports that this bailout is outlined in a special appropriation bill set to be discussed in parliament on Tuesday (23 July).<\/p>\n

The cash injection, sourced from the government\u2019s National Revenue Fund, will provide R26 billion for the 2019\/20 financial year and R33 billion for 2020\/21.<\/p>\n

At the start of July, the World Bank<\/strong><\/a> said it was not ‘fazed’ about the possibility of Eskom going under, as it believed that the power utility was too important to the South African government.<\/p>\n

The Washington-based lender agreed to lend Eskom $4 billion almost a decade ago to boost its generation capacity and avoid a repetition of rolling blackouts.<\/p>\n

Mismanagement and construction cost overruns have seen the state of the utility\u2019s finances going from bad to worse since then, forcing the government to bail it out.<\/p>\n

New CEO<\/strong><\/p>\n

While the bailout will provide welcome relief, Eskom is still looking for a leader two months after CEO Phakamani Hadebe announced he\u2019d vacate the post.<\/p>\n

On Monday, it posted an advertisement for what some have called the ‘most challenging CEO job in South Africa’.<\/p>\n

The role\u00a0entails overseeing a company that supplies about 95% of the nation\u2019s electricity, has more than 47,600 employees and revenue of R190 billion ($13.6 billion) yet isn\u2019t selling enough power to cover its costs.<\/p>\n

The new CEO is required to have experience overseeing \u201csignificant change in a complex organisation with at least 20,000 employees and an annual turnover in excess of R30 billion,\u201d<\/p>\n

Other requirements include a university degree, ideally at a post-graduate level, 20 years work experience and strong commercial acumen, while experience and expertise in the engineering, construction and energy fields will be an advantage. Applications close on 2 August.<\/p>\n

\n

Read: Applications open for South Africa\u2019s most challenging CEO job<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The South African government will make an extra R59 billion available to state-owned power utility Eskom over the next two years so it can meet its obligations.<\/p>\n","protected":false},"author":10,"featured_media":298832,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9874],"tags":[1164,26],"class_list":["post-330589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-eskom","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/330589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=330589"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/330589\/revisions"}],"predecessor-version":[{"id":330593,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/330589\/revisions\/330593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/298832"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=330589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=330589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=330589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}