South Africa’s Eskom Slashes Debt by a Fifth; Bonds Rally
- Utility’s debt stood at 401 billion rand at end of March
- Three Eskom units to begin operating separately by end of June
Electricity transmission pylons close to Eskom’s Koeberg nuclear power station, in Cape Town, South Africa.
Photographer: Dwayne Senior/BloombergThis article is for subscribers only.
Eskom Holdings SOC Ltd., the beleaguered South African state power utility, reduced its debt by almost a fifth after repaying matured loans and benefiting from a more favorable exchange rate, Public Enterprises Minister Pravin Gordhan said.
Debt fell to 401 billion rand ($29 billion) at the end of March, from 484 billion rand a year earlier, Gordhan said in a webcast speech to lawmakers on Tuesday. The utility has yet to release its financial results for the year.