Eskom is spending R23 million every working hour and needs certainty over the composition of funding for its R343 billion capital programme.

Chief Executive Officer of the firm Jacob Maroga said that the board had already given approval to R254 billion of the total expected investment.

Contracts worth R83 billion are already in place with suppliers and Mr Maroga said that the key challenge was getting confirmation of revenue.

"It is almost [as if] we are committing to suppliers with money we don't have," Mr Maroga told a briefing organised by the SAS Institute and the Mail & Guardian.

According to reports from Engineering News, the statement came on the last day of public hearings that will decide whether Eskom is granted application for a 60 per cent rise in electricity prices.

Meanwhile, the firm has anticipated slower build-up of coal stocks.

Mr Maroga said that power stations had an average of 18 days coal stockpiles which is slightly below the 20 days of reserves that the utility needed before the winter months.

Source:

Funding certainty ‘key' as Eskom spends R23m every working hour, 29/05/08

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