Power parastatal Eskom this week refuted claims that it was planning to restructure or extend its debt.
“We remain committed to executing our approved borrowing programme,” said Eskom group treasurer, Andre Pillay. “Eskom plans to raise an amount of R72 billion in the current financial year, of which 23% has already been secured, and the company is at advanced stages of ensuring that the funding requirement for the current financial year is fulfilled in a timely manner.”
He said that Eskom was currently looking into various options of reducing its cost base – such as optimising its operational expenditure and capital investment programme which could lead to a R100-billion reduction over the next five years – in order to prevent having to cut any jobs.
Pillay noted that the state entity had not entered into any discussions with trade unions and other stakeholders about job cuts.
Additionally, Eskom is working on a new corporate plan to provide direction on the company’s expected performance and its role in domestic and continental energy markets.
