An Eskom logo is seen at the utility's Megawatt Park headquarters in Johannesburg. Picture: BLOOMBERG/WALDO SWIEGERS
The economy bleeds and citizens are suffering as a result of Eskom’s blunders. Bland statements that use language such as “regret to inform” or “pleased to announce” play into our short-term expectations but do not address the root of the problem. Measuring the number of days since the last instance of load-shedding is the worst possible metric to use.
The Companies Act requires a company to commence business rescue proceedings “at the first signs of it being financially distressed”. In its latest annual results Eskom casually announced the following: “Financial results challenging, net loss after tax of R18.9bn”. And then it goes on to discuss the impact of the Covid-19 pandemic and the reduction of headcount, and presents the “exco team driving the turnaround”.
There should be a global search for a combination of the most advanced technical, business and forensic skills. The financial costs of acquiring the best people should be compared against the ongoing and daily losses incurred by the SA economy as a result of the current situation.
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