Eskom, KW Miller and Alec Hogg on BizNews

The ANC government has finally admitted defeat on Eskom.
By ending its monopoly and last week promising to assume up to ⅔ of its massive debt burden.
The facade has been stripped from SA’s teetering electricity provider.

The trouble with eskom

Global energy turnaround specialist KW Miller, calls Eskom an “operationally dysfunctional, financially insolvent, unreliable and corrupt entity”.
He says the path forward will be determined by the actions of creditors.
They own a large chunk of mostly SA government-guaranteed Eskom debt.

He says it is far higher than the official number of R400bn.

Eskom has tapped global bond markets for decades.
According to Miller, those who own the debt insist the disaster be urgently addressed.

In this powerful interview with Alec Hogg of BizNews.com, media-shy Miller says there’s only one route now open for SA’s State-owned electricity provider.
That is for the private sector to take over the productive assets to cut off third-party leeches and criminal syndicates.
They continue to bleed the utility.

Abu Dhabi-based Miller, who rarely grants interviews, says he “made an exception given the importance of the Eskom restructuring to SA citizens.”

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The trouble with eskom

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Chris Wilkinson

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