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Reuters and Business Report write that trade union federation Cosatu said on Tuesday that it opposed a proposal to split up state-owned Eskom into three different entities, noting that it would not solve the struggling power utility's governance and debt problems.
"We don't support unbundling as the only option to turn around Eskom," Cosatu deputy general secretary Solly Phetoe said at a news conference. The proposal to split Eskom into three separate firms was made by a task team appointed by President Cyril Ramaphosa at a meeting with members of the ruling African National Congress, Phetoe indicated. Eskom is expected to post a R20.1 billion loss for the financial year to March, up from the R15bn forecast at its mid-year results. Eskom chief financial officer Calib Cassim advised that, while the utility managed to curb operational costs, its overall expenses widened during the period. Higher plant maintenance costs and the increased use of diesel had added to the expenses.
- Read the original of this short at Independent News
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