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Eskom CEO says unbundling must be done the right way

The power utility said dividing Eskom into three parts is the best solution to bring it back to stability.

FILE: Eskom CEO Andre de Ruyter at a briefing on 31 January 2020. Picture: Bonga Dlulane/EWN

JOHANNESBURG - Eskom CEO Andre De Ruyter said the unbundling of Eskom will definitely happen, but it has to be done the right way.

Eskom's leadership team briefed the media on Friday on the current situation de Ruyter stressed the process cannot be rushed.

Government's current plan involves a lengthy unbundling process that will see Eskom split into three separate entities.

The power utility said dividing Eskom into three parts is the best solution to bring it back to stability.

De Ruyter met with the chief restructuring officer and said they're working on the plan.

"It should be ready for handing over to the relevant ministries by early February. That is the timeline communicated to us. It deals with both debt as well as corporate restructuring."

The CEO said the next step is to appoint a board for the three entities.

"So we can't just split up the company and say we are now three different legal entities. There are significant risks there. You need to transfer employees - this takes time. You have to develop business models that sufficiently disaggregates all of the different revenue streams."

Meanwhile, Trade union federation Cosatu is set to present its proposal to rescue Eskom next week.

Among the key points will be a suggestion that the government pension fund and state lenders take over R254 billion of the utility's debt.