Eskom gets record R69 billion bailout in budget

[BusinessTech]

Eskom gets record R69 billion bailout in budget

Eskom Holding SOC Ltd, the distressed utility that supplies 95% of South Africa’s power, will receive the biggest bailout in the nation’s history after the government stepped in to prevent its collapse.

 

[Cius]

That is a staggering amount of money. I wonder how much of that debt we just paid exists because of bribes, mismanagement, or something like that.... oh wait, all of it.

 

[krycor]

I don’t see unions allowing splitting of Eskom let alone shedding jobs to aid improving efficiencies vs labour cost. I’d say this will trigger a downgrade but I reckon we may get there before this is actualized.

 

[Aquadyne]

RAS

 

[Gaz{M}]

Actually it is R23B for 10 years. R23 x 3 years is special spending and the following 7 years it will be included in the normal budget (hidden).

 

[GoB]

About R1000/month/person if 2 million tax payers carry this. My electricity bill just went up by 400%.

 

[mr_norris]

Guaranteed executive bonuses for 3 years. That's a win.