Leaked Allegations of Multi-Trillion Rand Plot to Privatize Eskom

A major scandal is brewing at Eskom, South Africa’s national electricity supplier, with allegations surfacing that an R3.1 trillion heist plot is set to unfold before the general elections on May 29. The accusations come from Tshepo Kgadima, a political and energy analyst, who claims the scheme involves the covert privatisation of Eskom through its so-called “unbundling” strategy, targeting the National Transmission Company of South Africa (NTCSA).

According to Kgadima, the NTCSA’s extensive transmission network, valued at over R3.1 trillion and spanning over 33,000 km, is being primed for a grand theft. This move, he asserts, echoes the failed attempts to plunder other state assets like South African Airways (SAA), with the NTCSA’s valuable assets poised to be handed over to what Kgadima describes as “greedy profiteering economic hitmen” connected to President Cyril Ramaphosa’s administration.

The alleged plot’s execution relies on a series of legislative measures hurried through Parliament, allowing for Eskom’s unbundling and enabling the impending transfer of valuable assets to private interests. Kgadima draws attention to the implications of these actions, indicating that they reflect a broader strategy to exploit public resources for private gain.

Citing historical examples and quoting Frédéric Bastiat, Kgadima suggests that South Africa’s legal system has been manipulated to permit plunder by a select group of individuals. This approach, he warns, will leave South Africa on a path towards energy poverty, exorbitant electricity tariffs, and economic stagnation.

Kgadima’s allegations go beyond just the NTCSA. He accuses Eskom’s leadership and associated parties of widespread corruption, with over R80 billion lost annually through dubious coal supply contracts, overpriced diesel purchases, and questionable agreements with renewable energy independent power producers (REIPPs). These REIPP contracts are particularly troubling, according to Kgadima, as they commit Eskom to purchasing redundant electricity at highly inflated rates, ultimately burdening taxpayers and driving up the cost of energy.

As the general elections approach, Kgadima calls for immediate action to halt what he describes as an imminent coup d’état of South Africa’s energy and electricity systems. He urges political leaders and parties to address the corruption and greed he believes are at the heart of the crisis at Eskom.

Despite the alarming revelations, Kgadima remains uncertain if any political leaders will take meaningful action to stop the alleged plot. He concludes with a note of hope, suggesting that the public must remain vigilant and demand accountability from those in power. The forthcoming book, The Symphony Interrupted: The Demise of an Energy Titan, is expected to provide more detailed insights into the scandal and the broader implications for South Africa’s energy future.