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Invest in Eskom - Cosatu

By unknown | Nov 28, 2008 | COMMENTS [ 0 ]

Kea' Modimoeng

Kea' Modimoeng

Trade union Cosatu is making a patriotic call on its affiliates to consider asking their investment companies to invest in Eskom.

According to the union, considering that Eskom's credit rating has been downgraded, any future financial boosts should be in the form of government grants and not loans or tariff increases.

This is one of the resolutions from Cosatu's central executive committee meeting, which was held earlier this week.

Patrick Craven, Cosatu's spokesman, said yesterday: "We are standing up in support of Eskom because they provide an essential public service and the costs should not only be borne by the consumers.

"It is important to step in now more than ever before because of Eskom's difficulty to get international funding as a result of its low credit ranking, hence we are urging our affiliates to invest out of national interest.

"The sooner Eskom can get a strong base to produce electricity, the better," said Craven.

Cosatu is part of the National Economic Development and Labour Council task team looking into the protocol for new electricity connections for industrial and commercial consumers. The team is expected to finalise this process next month.

One of the team's tasks is the approval of criteria to ensure the efficient usage of electricity.

Herbert Mkhize, executive director at Nedlac, said: "After the Nedlac Energy summit held in May this year, we realised the key intervention was the need to inject resources into Eskom.

"This is a national issue and all efforts aimed at assisting the energy crisis (as in the case of Cosatu) are commendable."

Cosatu is working on a pricing policy that is aimed at ensuring that the price consumers pay reflects the cost of electricity.

A concern is that even if consumers as a whole pay the full cost of electricity, mechanisms must be made to protect poor families.


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