Men walk past electricity pylons as they return from work in Orlando, Soweto township, South Africa March 18, 2019. southafricnews/Siphiwe Sibeko/File Photo
JOHANNESBURG (southafricnews) – South Africa’s state-owned power utility Eskom is in discussions with treasury and advisors to drive a harder bargain with creditors over its debt financing costs, new chief executive Andre de Ruyter said on Friday.
Eskom, which produces more than 90% of South Africa’s electricity, is hamstrung by debts totallying some 450 billion rand ($31.40 billion).
“There’s an opportunity for us from an Eskom treasury perspective… to rather frankly drive a harder bargain with our creditors,” said de Ruyter.
Reporting by Emma Rumney; Writing by Tanisha Heiberg; Editing by Tim Cocks