Eskom Holdings SOC Ltd. has been excluded from the National Treasury’s updated set of cost containment measures, Business Day reported citing a note published by the agency on Monday.
(Bloomberg) — Eskom Holdings SOC Ltd. has been excluded from the National Treasury’s updated set of cost containment measures, Business Day reported citing a note published by the agency on Monday.
While the rules don’t apply to Eskom, as well as Transnet SOC Ltd., they’ve been asked to apply the guidelines that include reduction on hiring, capital spending, travel and conferences.
The norms are intended to help slash expenditure as the government grapples with an estimated revenue shortfall of more than 21 billion rand ($1.1 billion).
Earlier this year, National Treasury partially exempt Eskom from disclosing irregular expenditure and material losses from criminal conduct in annual financial statements but subsequently u-turned on the strategy.
Finance Minister Enoch Godongwana is expected to announce more cost-containment measures in his medium-term budget on Nov. 1.
Read More: S. Africa Treasury Releases Guidelines on Cost-Containment Steps
Gordhan Rejects Eskom CEO Recommendation, News24 Reports (Sept. 20, 7:57 a.m.)
Minister of Public Enterprises Pravin Gordhan has rejected the Eskom board’s candidate recommendation for the new CEO, News24 reported, without saying where it got the information.
In reply to questions on Monday from News24, Gordhan’s spokesperson, Ellis Mnyandu, said it was a requirement of Eskom’s memorandum of incorporation for the board to submit a shortlist of three candidates.
Chief Financial Officer Calib Cassim has been acting in the position since February.
Read More: Eskom CEO Shortlist Includes Marokane, Noah: Solidarity Union
Power Outages Ease (Sept. 20, 4:50 a.m.)
Eskom suspended loadshedding until 4 p.m. on Wednesday following a “sustained improvement in generation capacity.”
The power utility will then cut 3,000 megawatts from the grid from from 4 p.m. until 5 a.m. on Thursday, the company said in a statement.
South African Regulator Grants Eskom Transmission Unit License (Sept. 18, 10:11 a.m.)
The National Energy Regulator of South Africa approved a trading license for the National Transmission Company of South Africa, according to an emailed statement.
The application is for a license to buy and sell electricity from Eskom power stations and independent power producers, including cross-border imports.
The license will be valid for five years.
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