Home local Eskom slashes R83 billion debt, Pravin Gordhan says unbundling is on track

Eskom slashes R83 billion debt, Pravin Gordhan says unbundling is on track

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Pravin Jamnadas Gordhan is a politician and anti-apartheid activist who has held various ministerial posts in the Cabinet of South Africa.

Eskom slashes R83 billion debt, Pravin Gordhan says unbundling is on track

Eskom has brought its large debt down by R83 billion over the last financial year. This is according to Minister of Public Enterprises Pravin Gordhan, who spoke to Parliament on Tuesday, 25 May.

Reports revealed that the embattled power station’s debt reached R484 billion over 2020/2021.

Gordhan explained that as at the end of March, the debt stood at R401 billion. The reduction in debt can be attributed to the fact that the exchange rate improved and that there had been repayment of existing debt.

Eskom is fixing defects at the Medpi and Kusile plants as well as the Koeberg nuclear power plant. The utility will be ‘unbundled’ soon and this will be separated into three standalone entities; transmission, distribution and generation.

A report by BusinessLIVE stated that due to the repayment of older debt and the changes in the exchange rate, Eskom was able to slash their mountainous debt.

The report continued by saying that Eskom had reached savings of around R13.5 billion over the same financial year.

Gordhan mentioned that the power utility had made headway in various areas which have improved, however, this is still a work in progress as reported by TimesLIVE.

Source | South Africa Updates

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