Eskom says credit rating upgrade underscores its progress
Eskom says S&P Global’s upgrade of its credit ratings from stable to positive is a clear indicator of its progress in strengthening its financial and operational foundation.
The power utility says this decision reflects S&P Global’s confidence in the impact of the R254 billion financial support package introduced through the Debt Relief Act.
Eskom CEO Dan Marokane says the utility will continue to focus on implementing generation recovery, strengthening governance and tackling crime and corruption while future-proofing the organisation to enable energy security.
“This upgrade is a clear indicator of the progress we are making in strengthening Eskom’s financial and operational foundation. It sends a positive message to investors and stakeholders, reinforcing trust in our ability to deliver energy security while driving long-term sustainability,” said Marokane.
“Our success in improving generation performance and achieving over R16 billion in diesel savings highlights the efficiency gains we are driving. Sustaining this momentum will support Eskom’s path to profitability and reduce our reliance on fiscal support in the future”, added Marokane.
Load shedding remained suspended for 244 consecutive days since 26 March.
Eskom said this had resulted in year-on-year diesel savings of R16.33 billion, approximately 71.2% less than the R22.94 billion spent during the same period last year.
Diesel usage also remained below the year-to-date budget.
