Latest news with #TimothyBarnard
IOL News
04-08-2025
- Business
- IOL News
Ramokgopa to visit Medupi and Matimba Power Stations as Eskom reports progress
Eskom's power system stabilises, ensuring reliable electricity supply. Image: Timothy Barnard /Independent Newspapers Electricity and Energy Minister, Dr Kgosientsho Ramokgopa, will visit Medupi and Matimba Power Stations, Eskom said on Monday. The power utility said the visit formed part of the continued oversight on Eskom's Generation Recovery Plan, with a focus on improving the reliability and performance of its power plants to end load shedding and ensure a more stable electricity supply. "This is to celebrate the early return to service of Unit 4, now contributing 800MW of capacity to the national grid, reinforcing the goals of the Generation Recovery Plan and offer the minister an opportunity to receive an update on the Control and Instrumentation refurbishment project at Matimba," Eskom Spokesperson, Daphne Mokwena said. Ramokgopa is expected to give South Africans an update on power system status, operational improvements, and the Generation Recovery Plan, and to also engage the Generation Group Executive. Ramokgopa is expected to provide another update on power system performance on Friday; however, the utility has committed to communicate any unplanned developments before. This comes at the back of the utility making strides in stabilising its power system with an improved Energy Availability Factor (EAF), ensuring reliability during peak electricity demand. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading South Africa has been spared of load shedding since May 15, Business Report recently reported that Eskom's generation fleet is steering towards greater stability, with 57% of its 14 coal-fired power stations now functioning at an EAF exceeding 70%, with three stations having surpassed a 90% operational efficiency. This is a great move towards relieving South Africans of their long struggle with load shedding, which has often been associated with a lot of undesired conditions, i.e, crime, damage to household appliances, and business failures. The utility's winter outlook, as published in May, indicated that load shedding will not be necessary as long as unplanned outages stay under 13,000 MW. According to the power utility, load shedding gets implemented as a last resort to prevent a total collapse of the power grid. The Star
IOL News
04-07-2025
- Business
- IOL News
Eskom cracks down on fraudulent electricity tokens with new security upgrades
Eskom intensifies efforts to secure its prepaid electricity token system following the OVS breach, aiming to restore public trust and strengthen operational resilience. Image: Timothy Barnard /Independent Newspapers Eskom has announced decisive new actions to protect its customers following a major breach of its Online Vending System (OVS), which was exploited to generate and distribute fraudulent prepaid electricity tokens. The breach, revealed in Eskom's full-year 2024 financial results released in December, exposed critical weaknesses in both the physical and cybersecurity layers of the utility's infrastructure. The fraudulent activity, which threatened to undermine public trust in Eskom's prepaid electricity system, prompted an immediate and robust response from the state-owned utility. 'We uncovered weaknesses in physical and cybersecurity components on our OVS system,' said Monde Bala, Eskom's Group Executive for Distribution. Eskom has since launched a comprehensive review and intervention strategy to address these security gaps and strengthen its operations against future threats. 'Earlier this year, Eskom successfully strengthened the protection of its current systems against potential threats. All system enhancements are managed through a robust Change Management process that spans all divisions, ensuring consistent oversight and control,' explained Len De Villiers, Eskom's Chief Technology and Information Officer. To address the vulnerabilities that allowed the token fraud to occur, Eskom has reinforced its physical infrastructure and limited both physical and digital access points. Eskom has also strengthened internal controls to combat electricity theft and enhanced monitoring capabilities to ensure greater transparency and timely detection of suspicious activities. In parallel, Eskom has been working closely with law enforcement agencies to support ongoing investigations and ensure accountability. As part of this effort, internal employees who have been implicated have been placed on precautionary suspension pending further review. Furthermore, Eskom has engaged an external IT firm to strengthen in-house capabilities and improve risk management. The utility has also fast-tracked the acquisition of a new, secure vending system designed to replace the compromised OVS and prevent similar incidents in the future. Throughout this process, Eskom has maintained regular reporting to its board, which continues to provide oversight of all remediation efforts. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading 'We are fully aware of the challenges that have emerged within the OVS environment, and we have taken clear steps to address them. Our focus is on restoring trust, strengthening our systems, and ensuring that our customers can rely on a secure and efficient service," said Eskom's Group Chief Executive, Dan Marokane. "This is not just a technical fix, it is part of a broader commitment to transparency, operational excellence and accountability.' While the investigation into the token fraud continues, Eskom has pledged to share the findings once the process is concluded and the appropriate time for disclosure has been determined. In the meantime, the utility has called on customers and stakeholders to remain vigilant and report any suspicious activity related to prepaid electricity tokens. As Eskom moves forward with its efforts to protect its infrastructure and rebuild public confidence, it reassures South Africans that their electricity, and their trust, remain top priorities. IOL
IOL News
11-06-2025
- Business
- IOL News
Most municipalities flouting Eskom debt relief terms, warns utility
Embattled power utility Eskom has revealed that 87% of municipalities approved for National Treasury's municipal debt relief program are failing to meet the conditions required for debt write-offs Image: Timothy Barnard /Independent Newspapers Embattled power utility Eskom has revealed that 87% of municipalities approved for National Treasury's municipal debt relief program are failing to meet the conditions required for debt write-offs, with only 10 out of 71 municipalities remaining compliant. The municipal debt relief program was introduced by National Treasury in 2023 to help municipalities reduce the large debts they owe Eskom. It offers debt write-offs if municipalities pay their current bills consistently and meet certain conditions. Despite measures like reducing interest and payment plans, Eskom says municipal debt has kept growing and now stands at about R94.6 billion and warned that ongoing non-compliance poses a significant risk to its liquidity and overall operations. The state-owned power utility made these disclosures while briefing Parliament's Standing Committee on Appropriations on its finances on Tuesday. "So this covers the national debt relief program. So just in summary, 71 municipalities, were approved. And right now, we are only sitting with 10 compliant, municipalities,". Rajen Naidoo, Eskom's General Manager for Finance said. "The sad situation that we find ourselves in is that even municipalities that were approved did not even honour their current bill, some of them from month one of the program. So it's it it's only these 10, municipalities if they are compliant, in terms of how the program works,". Eskom CFO Calib Cassim emphasised that the purpose of the Eskom Debt Relief Amendment Bill was to place power utility on a sustainable financial footing, reducing the need for future bailouts from the National Treasury. Committee Chairperson Mmusi Maimane stressed that Eskom plays an important role and that its money problems and the growing municipal debt are key issues for the committee when deciding on funding.
IOL News
11-06-2025
- Business
- IOL News
Most municipalities flouting Eskom debt relief terms, warns utility
Embattled power utility Eskom has revealed that 87% of municipalities approved for National Treasury's municipal debt relief program are failing to meet the conditions required for debt write-offs Image: Timothy Barnard /Independent Newspapers Embattled power utility Eskom has revealed that 87% of municipalities approved for National Treasury's municipal debt relief program are failing to meet the conditions required for debt write-offs, with only 10 out of 71 municipalities remaining compliant. The municipal debt relief program was introduced by National Treasury in 2023 to help municipalities reduce the large debts they owe Eskom. It offers debt write-offs if municipalities pay their current bills consistently and meet certain conditions. Despite measures like reducing interest and payment plans, Eskom says municipal debt has kept growing and now stands at about R94.6 billion and warned that ongoing non-compliance poses a significant risk to its liquidity and overall operations. The state-owned power utility made these disclosures while briefing Parliament's Standing Committee on Appropriations on its finances on Tuesday. "So this covers the national debt relief program. So just in summary, 71 municipalities, were approved. And right now, we are only sitting with 10 compliant, municipalities,". Rajen Naidoo, Eskom's General Manager for Finance said. "The sad situation that we find ourselves in is that even municipalities that were approved did not even honour their current bill, some of them from month one of the program. So it's it it's only these 10, municipalities if they are compliant, in terms of how the program works,". Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Eskom CFO Calib Cassim emphasised that the purpose of the Eskom Debt Relief Amendment Bill was to place power utility on a sustainable financial footing, reducing the need for future bailouts from the National Treasury. Committee Chairperson Mmusi Maimane stressed that Eskom plays an important role and that its money problems and the growing municipal debt are key issues for the committee when deciding on funding.
IOL News
27-05-2025
- Business
- IOL News
Fitch Ratings reaffirms Eskom's credit rating with stable outlook
Fitch Ratings has reaffirmed Eskom's credit rating amid operational improvements Image: Timothy Barnard /Independent Newspapers Fitch Ratings made a significant announcement regarding Eskom Holdings SOC Ltd., reaffirming its Long-Term Local-Currency Issuer Default Rating (IDR) at 'B' and assigning a stable outlook. This decision underscores a cautious optimism surrounding the struggling power utility's financial trajectory, particularly as the energy crisis in South Africa continues to loom large. In a further sign of progress, Fitch Ratings revised Eskom's Standalone Credit Profile (SCP) to 'ccc+' from 'ccc-', indicating a notable enhancement in the operational performance of the Group. The ratings agency anticipates a material increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) for Eskom during its Financial Years (FY) 2025 to FY 2029. Fitch also affirmed Eskom's senior unsecured debt at 'B', with a Recovery Rating of 'RR4', and recognised its senior unsecured guaranteed debt at 'BB-'. These projections signal potential stability ahead for the beleaguered entity. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'The affirmation and positive revision on our credit rating profile by Fitch reinforces our determination to continue our efforts to turnaround Eskom's financial and operational performance,' stated Dan Marokane, Eskom's Group Chief Executive. 'Our aim remains to ultimately reduce Eskom's reliance on government support by driving the company towards financial sustainability,' he said. IOL
