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South Africa's Eskom to spend $23.5bn on new plants

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Staff writer ▼ | April 28, 2016
Eskom
Investing   State-owned Eskom is building new transmission lines

South African power utility Eskom is not under pressure to tap international markets to help fund its 340 billion rand ($23.5 billion) five-year expansion plan, its chief executive said.

State-owned Eskom is building new plants and transmission lines to augment a power grid that nearly collapsed in 2008 and was forced to implement controlled blackouts, or load shedding, early last year that dented economic growth.

"Our funding for last year is complete and most of the funding for this year is done," Eskom CEO Brian Molefe told reporters. "We never issue less than benchmark which is anything above $500 million, so it can be $750 million or $1 billion."

He said the timing would depend on market conditions, adding that the successful pricing of a 10-year dollar bond by the National Treasury in April was a good sign.

Eskom is building three new power plants and expects to add 5,620 megawatts (MW) to the network by 2018.


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