South Africa’s State Power Monopoly Seeks to Raise Prices to Avoid Collapse

South Africa’s state power monopoly says it will need to charge consumers more for electricity if it is to cut its debts and stave off bankruptcy, even as rolling blackouts continue to plague Africa’s most industrial nation, the Financial Times reported. Years of corruption and mismanagement under disgraced former president Jacob Zuma left Eskom with surging costs, falling revenues, a fleet of breakdown-prone coal power stations and ballooning debts. Eskom’s roughly R460bn ($32bn) debt has throttled investment in South Africa’s creaking power supplies and will be a major priority for President Cyril Ramaphosa next year, as he seeks to reboot an economy hit by the pandemic and undermined by persistent power cuts. Read more