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Load-shedding risk increases as coal stockpiles drop

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National electricity supply company Eskom has announced the possibility of having to implement load-shedding across South Africa has become higher, as coal stockpiles at five of its power stations dip sharply. Eskom’s spokesperson Khulu Phasiwe informed Reuters that the possibility of national is not isolated to a specific region of the country, but is rather a national issue.

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Eskom to cut management jobs

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Eskom has approved a plan to cut jobs at a management level in a bid to further save on costs at the group. The power utility said that despite efforts to curb expenditure, its operating costs have continued to increase dramatically while output has remained largely unchanged.

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Fitch Ratings affirms Eskom’s 'BB' credit rating and removes the ratings watch negative

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Fitch Ratings has announced its decision to affirm Eskom Long-Term Local Currency Issuer Default Rating (IDR) and unguaranteed local currency senior unsecured ratings of 'BB-'. Fitch has simultaneously maintained the National Long-Term Rating at 'A(zaf)' and the National Short-Term Rating at ‘F1(zaf)'.  The rating agency has also affirmed the government-guaranteed local currency senior unsecured debt ratings at 'BB+', in line with the rating of South Africa (BB+/Stable Outlook). The credit rating agency has also resolved to remove the Rating Watch Negative (RWN) instituted by Fitch in January 2018. Outlook on Eskom remains negative.

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Eskom competition boosts small enterprise development

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The finest black-owned South African small and medium enterprises (SMEs) that competed in the 2018 Eskom Business Investment Competition (BIC), were awarded great prizes at an awards function held on Tuesday, September 4 at the Indaba Hotel in Fourways, Johannesburg. With R1.3 million worth of prizes at stake, the businesses slugged it out for top honours in three categories; manufacturing, trade and services as well as engineering and construction (full list of winners below).

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