GEPF will continue to fund Eskom

The fund tabled its annual report during a press briefing on Wednesday morning.

“I think what we want to see is a Eskom that is sorted out in terms of governance and management because it is an entity that we will like continue to support in terms of the role that it plays in our investment portfolio. But also because it actually provides a good cover for some of our liabilities,” explained the funsd’s Principal Chief Executive Officer Abel Sithole.

Earlier this year, Eskom was given a bailout through the Public Investment Corporation (PIC).

The R5 billion bailout drew a lot of criticism from various sectors of society.

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However, Sithole said the public should not be shortsighted when it comes funding issues at Eskom. 

“People say oh well, why don’t you stop the funding? I say oh well you must think about the implications of that. It’s not a simple thing, if we switch off the funding of Eskom it means the lights go off, and if the lights go off it means that we won’t have this meeting it means that traffic lights will not work,” he added.

The power utility’s financial woes seem to be far from over.

Eskom has instituted load-shedding everday, since the weekend, citing maintenance, diesel and water difficulties.

Power utility spokesperson Khulu Phasiwe also confirmed to Jacaranda FM News on Tuesday that load-shedding is likely to continue until December 16.