South Africa's Eskom cuts reliance on diesel power, mulls new bond - CNBC Africa

South Africa's Eskom cuts reliance on diesel power, mulls new bond

Southern Africa

by Reuters 0

The utility met a positive response from the market on a new international bond. Photo: Pexels

South Africa's Eksom has reduced its reliance on diesel powered generation to keep the lights on in Africa's most advanced economy, the utility said on Monday at a briefing.

Eskom's Chief Executive Brian Molefe also said the utility had met a positive response from the market on a new international bond, and added that the firm was considering issuing the instrument but could not give a time frame.

Eskom, which provides virtually all of South Africa's electricity, is scrambling to repair its ageing power plants and grid. Earlier this year, the utility was forced to impose almost daily power cuts that hurt economic growth but has said it does not expect to implement electricity blackouts until April 2016.

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