This is The Beginning Of A Turnaround For Eskom – Brown
Public Enterprises Minister Lynne Brown on Tuesday said she was optimistic power utility Eskom was on the path to financial sustainability. Speaking at a media briefing earlier today, Brown said she believed the package of support measures approved by Cabinet were the beginnings of a turnaround:
“In September Cabinet approved a package of support measures to set Eskom on the path of financial sustainability. It is multi-faceted and complex and we will have to climb and move mountains to make it work…but I believe it is the sea change that we have all been looking for,” said Brown.
“Its scale and its breadth are a serious match for the challenges which it sets out to overcome. Some of our toughest critics in the ratings agencies are recognising that it has a chance.”
Brown said the rating agencies’ hope gave her great comfort that this was “the beginning of the turnaround.”
She said she was briefed by the Eskom leadership and experts on the road ahead.
“This allowed me a glimpse of an early draft plan to halt and reverse the decline. The expert on the matter says there is a reasonable chance of success..,” she said.
“…They walked me to the edge of the so-called ‘coal-cliff’. Once again, even as a relative newcomer to the possible ways of mitigating this, I am persuaded by the belief that the experts have that there are ways to mitigate and overcome this problem too.”
Brown said she visited the Majuba Power Station in Mpumalanga that has battled with problems since a coal silo collapsed earlier this month. She said she encountered staff filled with “magnificent spirit” that lifted her morale.
“I left Majuba with pride and the knowledge that we have a dedicated workforce which is committed to go the extra mile in the interest of the country,” she said.
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