Bonang Mohale: We all have to face a bit of pain to save Eskom

OCP

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SA will have to face a bit of pain in order to save Eskom, CEO of Business Leadership SA Bonang Mohale has said.

Mohale spoke to Fin24 ahead of the National Budget, to be delivered by Finance Minister Tito Mboweni on February 20.

"As business we need to recognise that the country is in a crisis," he said. In times of crisis, we have to act differently than we would have in normal circumstances, he added.

'We must face pain'


Business will be looking to hear measures to be taken to fix Eskom in the National Budget. If Eskom fails, it will have implications for the whole country, Mohale said.

South Africans must realise this is not the time to be siding with politics and ideologies, he argued. "We must face pain. Business must face pain, labour must face pain."

According to Mohale, everyone should do their part to help Eskom survive.

President Cyril Ramaphosa has said that government will step in to provide support for Eskom's balance sheet. Mboweni is expected to reveal details of what this means for the fiscus.

Investec economist Kamilla Kaplan said in a report ahead of the budget that Eskom has requested a R100bn debt transfer, but government is unlikely to extend full support for this in the budget. The power utility has a debt burden of R419bn.

The Parliamentary Budget Office on Tuesday also told Parliament's finance and appropriations committee that the support for Eskom would add pressure to government in terms of maintaining its expenditure ceiling, which it has done successfully over the past seven years. If government cannot source resources to support Eskom through budget allocations, it might have to issue more debt, the PBO warned.

Fixing Eskom is one of the factors that would help restore investor confidence in the country, Mohale said.

Accountability, responsible spending

Apart from measures to boost the economy and create jobs, business will be looking to hear government's plans to reduce debt levels, how it plans to stop the bleeding caused by the State Capture project, whether it plans to reduce the number of civil servants and workers in public institutions like Eskom, and finally, what is being done to hold those responsible for corruption accountable.

Mohale acknowledged that there had been progress in the past year in cleaning up public institutions, including governance reforms and leadership changes at state-owned enterprises.

However, he warned that there was still a lot of work to be done, because those implicated in corruption would not go to jail without "kicking and screaming", in his view.

The Budget will be tabled in Parliament at 14:00 on Wednesday.


https://www.fin24.com/Budget/bonang-mohale-we-all-have-to-face-a-bit-of-pain-to-save-eskom-20190219
 

Solarion

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However, he warned that there was still a lot of work to be done, because those implicated in corruption would not go to jail without "kicking and screaming", in his view.
That's the problem with SA, the corrupt know they will not be held accountable. That's why they do it. This will continue until the end of time unless the corrupt are dragged kicking and screaming before a judge, have everything taken away from them and are locked up.
Snap.

Take house away, car, freeze bank account and all assets and lock them up. Make them truly fear corruption's consequences and they will think long and hard about it.
 

Sinbad

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What size you going for and cost???
4KW inverter, 3.3kw of panels, 7.5-10kwh of lithium battery (Not yet decided on this - guy is going to get me some more pricing). Designed to be scalable to more panels/batteries as needed, inverter is a super fancy one with webby stuff and will talk to my homeassistant and can also be scaled up if needed.
~130k.
 

Zoomzoom

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Take house away, car, freeze bank account and all assets and lock them up. Make them truly fear corruption's consequences and they will think long and hard about it.
Agree and agree again:

How about no, but those who caused this can face all our collective share of pain on their own.
South Africans have had ENOUGH of this! Let those responsible feel the pain. End of. Why must we pay and pay again for other people's incompetence and failings? If I hire someone to do a job for me and they don't do it, I have the option to either not pay them, recover money already paid, or require them to fix the problem at their expense. What does NOT happen is that they ask me to pay them to do the job I already paid them to do again, and again, and again, while they continue to mess it up. Yet somehow this is the situation we find ourselves in with ESKOM. Since the debacle with Koeberg we, the public, have paid and paid and paid again for what?

ENOUGH!!! ENOUGH!! ENOUGH!!!
 

Zoomzoom

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4KW inverter, 3.3kw of panels, 7.5-10kwh of lithium battery (Not yet decided on this - guy is going to get me some more pricing). Designed to be scalable to more panels/batteries as needed, inverter is a super fancy one with webby stuff and will talk to my homeassistant and can also be scaled up if needed.
~130k.
This is the problem with solar. It is incredibly expensive and out of reach for most people.
 

Lew Skannen

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'We must face pain'

No, no, no and no. You must face pain. The poor must face pain. Not me. You can count me out of this one.
 

Sinbad

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This is the problem with solar. It is incredibly expensive and out of reach for most people.
Initial calcs, at current electricity prices, this setup will save me about R800pm with city power. Possibly more. And we know what's going to happen to electricity prices. I reckon I'll recoup the capital cost (less interest) in 6-10 years or so. And the house's capital value increases too, and I have no worries about surges/brownouts/etc - all automatical.
 
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