President Cyril Ramaphosa claims embattled Eskom is 'too big to fail'

President Cyril Ramaphosa claims embattled Eskom is 'too big to fail'

- President Cyril Ramaphosa claims that Eskom is 'too big to fail

- Speaking during the ANC's January 8 statement, the politician said the state wouldn't 'allow' the entity to sink

- Ramaphosa insists that the government is addressing the challenges at the power utility

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President Cyril Ramaphosa is likely to raise a few eyebrows with his comments on Eskom.

Speaking during the party's January 8 statement in Kimberley this Saturday, Ramaphosa said:

“Eskom is the largest company in our country, it is too big to fail. We will not allow Eskom to fail. We will rebuild it so it can execute its developmental mandate.”

The politician, who was recently criticized for making promises about load-shedding that fell through, commented:

“Eskom will be restored to becoming a company that can provide energy. We are going to strengthen Eskom so it can deliver energy as it should. At the same time, the Eskom management and board must maintain the power stations; many are old. The new ones we have built have design challenges, which is why they keep tripping, leading to load shedding.”

READ ALSO: Stage 6 load-shedding may soon be a reality for South Africa

Adamant that the power utility wouldn't be compromised, Ramaphosa said that load-shedding has a devastating impact on the country's economy.

Alternative energy sources would be explored in a bid to fast-track progress, Ramaphosa explained:

“This means that we must accelerate the introduction of new electricity generation by private companies. We must also find new sources of energy such as gas and intermediate energy that can be brought on ships. We must complete the measures undertaken to ensure the financial and operational stability of Eskom.”

Briefly.co.za reported that energy experts were convinced Stage 6 load-shedding is a reality for South Africa.

While they doubted a total blackout wasn't on the cards any time soon, analysts weren't convinced it wasn't a possibility.

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Source: Briefly.co.za

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