January 20, 2018 / 10:14 AM / 4 months ago

South Africa to name new Eskom head within hours - eNCA TV

JOHANNESBURG (Reuters) - South African authorities are due to name a new executive chairman for troubled power utility Eskom within 24 hours, broadcaster eNCA television said on Saturday, adding that former finance minister Nhlanhla Nene was the front-runner.

FILE PHOTO: Electricity pylons are seen near the cooling towers of a power station owned by state power utility ESKOM, near Middelburg, South Africa, September 8, 2015. REUTERS/Siphiwe Sibeko/File Photo

A spokesman for the state firm said he was not aware that such an announcement was scheduled.

Eskom ESCJ.UL, which supplies virtually all of the power for Africa’s most advanced economy, has been embroiled in governance and graft crises and has delayed its interim results, a move that could see trading of its debt suspended on the Johannesburg bourse.

Finance Minister Malusi Gigaba said on Thursday the Treasury could not afford to bail the firm out but would take unspecified action soon to tackle the company’s challenges.

Reporting by Nqobile Dludla; editing by John Stonestreet

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