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PIC not yet approached on plan to use pensions to bail out Eskom

The PIC said it was open to talks about funding the broke power utility, but was not yet been approached.

Picture: EWN

JOHANNESBURG - The Public Investment Corporation (PIC) on Thursday said if it were to grant Eskom a bailout, it would need guarantees that doing so would not impact its clients.

In his address State of the Nation Address (Sona) in Parliament, President Cyril Ramaphosa said there were commitments to mobilising funding to address the utility's financial crisis in a financially sustainable manner.

*IN FULL: President Cyril Ramaphosa's 2020 Sona

The PIC said it was open to talks about funding the broke power utility, but was not yet been approached. The state fund manager has over R2 trillion in assets it manages for government employee’s pensions.

Eskom is struggling to keep the country’s lights on and has debt over R450 billion and needs funding. For the next 18 months, rolling blackouts looked set to continue.

The Congress of South African Trade Unions (Cosatu) called on the PIC to come to the rescue.

State fund manager Sekgoela Sekgoela said they were open to this.

“We have not been consulted and our clients have not been consulted. We are open to engaging with stakeholders to find a lasting solution for the Eskom problem.”

But the plan was expected to face opposition with trade union Solidarity threatening to go to court to stop it.

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