Crisis deepens at South African energy group
The embattled chief executive of Eskom is defying a board order to quit, extending the leadership crisis at South Africa’s giant state electricity company and underlining investor concerns about the reliability of the country’s power supply.Eskom's board insists CEO had quit
Private sector critics fear that an extended period of uncertainty will undermine the company’s ability to make progress with much-needed investment plans, raising the spectre of a return to power cuts that severely hit business confidence last year.
The board of South African power utility Eskom insisted on Wednesday that CE Jacob Maroga has resigned despite his denial, raising more questions about the leadership wrangle at the firm.2007: Eskom looks to nuclear plants
Maroga's tenure has been marked by power shortages, a record loss of R9,7-billion in the year to March and electricity price rises criticised for stoking inflation as South Africa battles recession.
Eskom's chief executive Jacob Maroga told a coal conference on Tuesday the state-owned firm would cut back on polluting coal-fired plants that have made South Africa the world's lowest cost electricity producer.
"The issues we're faced with are costs and lead time, but the debate around global warming is key, because coal is a big contributor to carbon dioxide emissions," Maroga told the Coaltrans conference.