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Eskom is not restructuring its debt
Wednesday, 04 July 2018: Eskom notes with concern recent media reports which incorrectly suggest the company plans to restructure or extend its debt.
 
“We remain committed to executing our approved borrowing programme” said Andre Pillay, Group Treasurer at Eskom.  “Eskom plans to raise an amount of R72-billion in the current financial year, of which 23% (R16.4-billion) has already been secured, and the company is at advanced stages of ensuring that the funding requirement for the current financial year is fulfilled in a timely manner,” added Pillay.
 
Eskom is working on a new corporate plan which will provide direction on how the company is expected to look going forward and what its role will be in both the domestic and continental energy markets. The review of the corporate plan is expected to be completed by the end of this year.
 
As far as the job cuts are concerned, Eskom is currently looking into various options of reducing its cost base, which includes optimising its operational expenditure and capital investment programme which are anticipated to yield a net cost reduction of R100-billion over the next five years.
 
Staff turnover during the 2016/17 financial year was approximately 4%, driven largely by resignations, retirements and dismissals. Eskom has not entered into any discussions with the trade unions and other stakeholders about job cuts. Plans are underway to continue to engage the unions in ways of optimising the performance of the current workforce.
 
 
 
ENDS