Rough year for power utility
2017 WILL go down as one of the most turbulent years in Eskom’s history, with the power utility still without a permanent chief executive after Brian Molefe controversially sauntered back into his old job in May, only to be quickly shown the door.
The legality of Molefe’s reappointment is the subject of a high court case. While the board’s daring stunt to reappoint Molefe left many frothing at the mouth, it was the details that emerged from Parliament’s inquiry into state capture that confirmed what many had suspected – that Eskom is a cesspool of corruption, poor governance and zero accountability.
It was also at the hearings that Public Enterprises Minister Lynne Brown’s role in the crisis came under the spotlight as she obfuscated and fumbled over the simplest questions.
This from a minister who does not like the attention one bit. Sadly, the dramatic shenanigans have overshadowed the utility’s finances, which are in bad shape. Depending on who you talk to, Eskom is either “in a precarious financial position”, “facing a liquidity crunch” or just “broke.”
Eskom’s finances are a source of concern. – Siseko Njobeni