Eskom on the verge of financial ruin: Blom

JOHANNESBURG – Energy expert, Ted Blom says Eskom needs a proper turnaround plan.

Blom told eNCA on Monday that Eskom is on the verge of financial ruin.

He was responding to news that the power utility’s loan from the China Development Bank failed to come through.

The embattled power utility is saddled with debt to the tune of R419-billion.

Eskom isn’t selling enough power to cover its interest payments and operating costs.

Meanwhile, Public Enterprises Minister, Pravin Gordhan said it will take around 18 months for Eskom to fix the load-shedding crisis.

He made the announcement in his capacity as an ANC leader during a ward meeting in North Riding, Johannesburg last month.

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