Eskom May Need $16.5 Billion Over Decade, South African Minister Says

South Africa’s state-owned power utility may need as much as 230 billion rand ($16.5 billion) of financial assistance over the next decade, Finance Minister Tito Mboweni said, Bloomberg News reported. Eskom Holdings SOC Ltd. needs immediate help and it can’t await restructuring of its business, Mboweni told lawmakers in Cape Town Thursday. “It is 150 billion rand amortized and that makes it 230 billion rand, or 23 billion rand a year,” National Treasury Director-General Dondo Mogajane said. On Wednesday, Mboweni announced a 69 billion-rand cash injection over the next three years to help the loss-making electricity producer service its debt and free up money for operations. That’s the biggest bailout in the nation’s history, though it falls short of Eskom’s request for the government to take 100 billion rand of its debt onto its own balance sheet. Read more