To enjoy the full Mail & Guardian online experience: please upgrade your browser
23 Jan 2014 07:45
Eskom is optimistic that new projects like the 4764 megawatt Medupi power station in Limpopo will be remain on schedule (Oupa Nkosi, M&G)
“We’re very pleased with some of the noises we’ve been getting from some of the ratings agencies recently and we have no doubt that we would be able to feature well in the international bond market,” Steve Lennon, the utility’s sustainability executive, said in a Bloomberg TV Africa interview with Eleni Giokos in Davos on Wednesday. “We’ll continue to tap the local and international bond market.”
After delays including labour strikes and contractors missing deadlines, the company estimates it will complete the first unit of the planned 4 764 megawatt Medupi power plant in the second half of this year.
Fitch Ratings upgraded the utility’s national long term rating one step to AAA, the highest assessment, last week.
The yield on Eskom’s $1-billion of debt due in August 2023 fell eight basis points, or 0.08 percentage point, this year to 6.38% on January 17, the lowest since November 1.
“I don’t anticipate further delays” on construction of the Medupi plant, Lennon said.
South Africa won’t see a repeat of the rolling blackouts that cut power to industrial users in 2008, shutting mines and factories for five days.
“There’s a lot more maturity amongst the business community and amongst the South African consumers when it comes to electricity and we made great strides in the more efficient use of electricity in South Africa.” – Bloomberg
Create Account | Lost Your Password?