Business Report 10 December 2012.
(Editor’s note: A bit hard on Eskom, I think, because many of Eskom’s problems aroce because of the incompetence of its shareholder.)
One would think that, with the passage of time and expenditure of countless billions, Eskom’s woes would be on the decline. Instead, there is an ever-growing pile in the chief executive’s “pending” tray, the latest item being the replacement of his chief bean-counter, despite Eskom not being in the bean business.
Since Eskom became the definition of power politics, necessary competence has been replaced with so-called empowerment of well-connected incompetence, directly resulting in national disempowerment. The first thing that disappeared with competence was Eskom’s credit rating and its ability to raise capital on the international market at the best interest rates…