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Public Enterprises Dept: Eskom not on the verge of financial ruin

This despite the power utility having to turn to government to secure a R17.6 billion lifeline after the China Development Bank loan failed to come through.

Eskom's Megawatt Park offices in Sunninghill. Picture: EWN

JOHANNESBURG – The Department of Public Enterprises has denied claims that Eskom is on the verge of financial ruin.

This despite the power utility having to turn to government to secure a R17.6 billion lifeline after the China Development Bank loan failed to come through.

Barely a month since Eskom suspended stage four loading shedding due to capacity issues, the parastatal seems to be facing another challenge.

The loan it secured from the China Development Bank failed to come through, leaving the power utility at risk.

But the department’s spokesperson Adrian Lackay said Eskom was doing fine.

“The intervention now by Minister [Tito] Mboweni is to ensure that Eskom has sufficient liquidity on its balance sheet and capital to carry the utility through the month of May and hopefully into June, so that so we don’t have any problems with its status as a sovereign company,” he said.

Lackay said they were expecting the Chinese would cover some of the operational costs and government had also promised over R63 billion over the next three years to stabilise the power utility.

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