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News24: McKinsey apologises for overcharging Eskom

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McKinsey & Company has apologised to South Africa again over how business was handled with state-owned enterprise Eskom, saying it overcharged the utility and was slow to admit wrongdoing.

The consulting firm admitted in October to failing to follow its own procedures while doing business with the power company when it worked alongside Trillian Capital Partners, a business linked to the Gupta family. McKinsey reached a settlement last week to repay almost R1bn in fees to Eskom.

“The trust of our clients and the public in South Africa is now, understandably, very low,” Kevin Sneader, global managing partner of McKinsey, said Monday at a business school in Johannesburg.

“We did not communicate well enough how seriously we were taking this, or how sorry we were for our involvement.”

McKinsey became embroiled in claims that the Gupta family used their friendship with former President Jacob Zuma to win lucrative contracts from state companies, particularly through Eskom, which provides more than 90% of the nation’s electricity.

The Guptas and Zuma deny any wrongdoing. Financial-services firm Trillian is linked to the Gupta family through business associate Salim Essa, who was its principal shareholder until he sold out.

 

Click HERE to read the full article on News24.

Business Tech: Eskom warns over long term load shedding

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Power utility Eskom has warned that load shedding could be a reality for the next five years, the City Press reported.

Eskom, which generates almost all of the nation’s electricity, has been locked in a dispute with workers after wage talks broke down last week over the state-owned utility’s insistence that it can’t afford pay increases.

The company began cutting power to some areas night for the first time since 2015, as demonstrators blockaded roads and attacked staff.

The protests by employees came at a tough time for Eskom and the South African economy more broadly.

While demand for electricity increases over the Southern Hemisphere winter, Eskom has also battled coal shortages, allegations of corruption and mismanagement, and struggled to raise the funding it needed earlier this year.

Eskom spokesperson Khulu Phasiwe told the City Press that the company operated half of its emergency diesel-powered peaking power plants during the strike, burning diesel worth R102 million.

 

The read the full article, click HERE.

EWN: Unions reject Eskom’s 4.7% increase offer

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JOHANNESBURG – The National Union of Metalworkers of South Africa (Numsa) says labour unions have rejected Eskom’s wage offer of 4.7% with negotiations expected to resume on Thursday.

It’s been reported that the National Union of Mineworkers (NUM), Numsa and Solidarity have put a counter-offer on the table but have not disclosed the figure at this stage.

The power utility initially said no one at Eskom would receive a salary hike this year citing financial difficulties.

The decision prompted industrial action last week.

At the same time, Eskom has warned that there’s a high risk of load shedding on Wednesday evening.

Click HERE to read the full article on EWN.

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