Business Day on Thursday 9 April reported that with the entrance of Andre de Ruyter in January there has been a concerted effort to address the operational issues at Eskom.
However, resolution of the political hot potato of how to restructure the R450bn debt remains elusive. The investor call of a few days ago by management failed to bring any insight as to what, if anything, is being considered.
The tenure of the chief restructuring officer (“CRO”) ended in January and a stony silence has engulfed his findings and recommendations. The contents of the report remains a mystery. Seems as if the same fate befell it as that of the two Eskom task teams preceding it, which are still to be released.
The key obstacle to fixing Eskom is clearly the lack of political will to do it. Until then the taxpayers will continue to fund the SOE with no say in the matter.