State-owned power utility Eskom says recent media reports suggesting the company plans to restructure or extend its debt are not true.
Various media outlets have reported that the utility is considering asking for extensions on some debt, and staff layoffs, amid a constrained financial position.
“We remain committed to executing our approved borrowing programme,” Eskom group treasurer Andre Pillay said in a statement on Wednesday.
He noted that Eskom planned to raise R72-billion in the current financial year, of which 23% has already been secured.
He added that the company was at advanced stages of ensuring that the funding requirement for the current financial year was fulfilled in a timely manner.
“Eskom is working on a new corporate plan which will provide direction on how the company is expected to look going forward and what its role will be in both the domestic and continental energy markets. The review of the corporate plan is expected to be completed by the end of this year,” he said.
Commenting on job cuts, Pillay said the utility was looking into various options of reducing its cost base, which included optimising its operational expenditure and capital investment programme, which are anticipated to yield a net cost reduction of R100-billion over the next five years.
Staff turnover during the 2016/17 financial year was approximately 4%, driven largely by resignations, retirements and dismissals.
“Eskom has not entered into any discussions with the trade unions and other stakeholders about job cuts. Plans are under way to continue to engage the unions in ways of optimising the performance of the current workforce,” he said.