Global energy restructuring veteran KW Miller has seen many messes, but says nothing comes even close to the Eskom disaster

Now that the ANC government has finally admitted defeat on Eskom by ending its monopoly and last week promising to assume up to ⅔ of its massive debt burden, the facade is being stripped from SA's teetering electricity provider. Global energy turnaround specialist KW Miller, who calls Eskom an "operationally dysfunctional, financially insolvent, unreliable and corrupt entity" says the path forward will be determined by the actions of creditors which own a large chunk of mostly SA government-guaranteed Eskom debt that he says is far higher than the official number of R400bn. Eskom has tapped global bond markets for decades - and according to Miller those who own the debt are now insisting the disaster be urgently addressed. In this powerful interview with Alec Hogg of BizNews.com, media-shy Miller says the only route now open for SA's State-owned electricity provider is for the private sector to take over the productive assets to cut off third-party leeches and criminal syndicates that continue to bleed the utility. Abu Dhabi-based Miller, who rarely grants interviews, says he "made an exception given the importance of the Eskom restructuring to SA citizens." Learn more about your ad choices. Visit megaphone.fm/adchoices