Eskom’s demise over the past decade has been remarkable. A central pillar of the apartheid economy, it still supplies 90 percent of South Africa’s power.
But a failure to build new plants after the end of white rule has cost it dear. As it has rushed to catch up, staff numbers have ballooned to 48,000 from 32,000 10 years ago.
Corruption and mismanagement haven’t helped. Meanwhile price hikes in a sluggish economy have caused sales to stagnate.
Debt has risen tenfold to $30 billion since 2007.