Eskom turns 100 in March; just how many more years does the ailing parastatal have?

[View in browser]( [Mail & Guardian]( M&G Mornings | Thu 02 Feb   A few years before Anglo American reached its centenary, there was a question mark about whether the miner would reach this grand old age because of the financial crash that caused the 2008 global recession. With commodity prices across its vast portfolio tumbling, the management at the Ernest Oppenheimer founded company embarked on a fire-sale of its assets. Vultures were abundant, ready for a cheap play for the diversified giant, the last of which was Indian billionaire Anil Agarwal. It was any bet if the company would reach its 100-year birthday. But the winds changed in their favour; commodity prices improved and a weak rand boosted its prospects. The strategy of selling down its assets to only 16 operations was scrapped. Management under chief executive Marc Cutifani got a second wind and was able to configure a new strategy and fend off the vultures. Today, it’s a 106-year old company and may make another decade if the next global recession isn’t deeper than the one we experienced after the Covid-pandemic. They dodged a bullet. Next month, Eskom, a key cog in the industrialisation of South Africa and powering the country’s strongest growth years in the aftermath of World War II, has its centenary. It has made it this far, despite the past 20 years during which ageing power plants, indecisive policy solutions and corruption both internally and externally have crippled the state-owned entity. The difference between Eskom and Anglo is that there are no market forces that would save the power utility and guarantee it another 10 years. Its future is in the hands of policymakers, a new strong management team, an independent regulator not susceptible to political pressure and a multi-billion rand debt solution from its sole shareholder. Without these interventions, its future is as perilous as Anglo’s once was in the aftermath of the 2008 global recession without the salvation of high commodity prices. We are married to the Eskom problem, I’m afraid. Ron Derby | Editor-in-Chief [@RonDerby]( [Weak Ramaphosa will rue his hesitancy]( The president is at his most powerful in the ANC, but his strategy of playing the long game could work against him Join thousands of South Africans who want a more just South Africa. Read past party lines, past the bluster and the distortion. Get the best reporting, analysis and commentary that is factual, balanced and fair with uninterrupted access to all Mail & Guardian content online. 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