yt 1111 Eskom split to minimize risks to South Africa Ramaphosa says 1024x576 - Eskom split to minimize risks to South Africa, Ramaphosa says

Eskom split to minimize risks to South Africa, Ramaphosa says

Eskom split to minimize risks to South Africa, Ramaphosa says

JOHANNESBURG/CAPE TOWN (Reuters) – South African President Cyril Ramaphosa said his plan to divide struggling state power firm Eskom into three units would minimize risks to the economy, as a fifth day of power cuts hurt businesses and drove the rand to a six-week low on Thursday. FILE PHOTO: The logo of state power utility Eskom is seen outside Cape Town’s Koeberg nuclear power plant in this picture taken March 20, 2016. REUTERS/Mike Hutchings/File PhotoEskom, which supplies more than 90 percent of the power in Africa’s most industrialized economy, is technically insolvent, the government said on Wednesday, warning that an urgent bailout was needed to help it manage its $30 billion debt. “Restructuring will reduce the risk of a massive Eskom that at times has been termed ‘too big to fail’, placing government in a position where all our eggs are in one basket,” Ramaphosa said in a speech to parliament. “It is not a path to privatization,” he added, promising that a financial support pa…

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