The power utility is already building Medupi and Kusile coal-fired stations - at a total cost of R306-billion. Both projects have run over budget and are years behind schedule. The cabinet approved a third plant, known as Coal-3, in August 2013, but the project has yet to get off the ground.
"The state should be the supplier of basic services, but in the case of a third coal plant we should definitely have a public-private partnership," said Public Enterprises Minister Lynne Brown yesterday.
Eskom plans to spend R350-billion expanding capacity over the next five years. A decision by SA's energy regulator to cap the utility's price increase for the coming financial year to an average 9.4%, allowing it to recoup about half the unbudgeted expenses it incurred in the year to the end of March 2014, has left it with funding constraints.
Eskom will build smaller coal-fired power plants on its own because of the difficulties in securing the right partners and suppliers for mega-projects, said Matshela Koko, the utility's group executive for technology.
Brown announced that the first 333MW unit of Eskom's Ingula pumped-power storage facility in KwaZulu-Natal was linked to the national grid at the weekend.
Ingula's three other units will become operational by next year, Eskom CEO Brian Molefe said.
Molefe said Eskom had R40-billion in cash in the bank. It will also have surplus electricity in about five years, which will be sold in US dollars to raise revenue.
"Ratings agencies have complained about Eskom's liquidity. So we just want to send a powerful liquidity message," said Molefe.
Brown said the Eskom board had been stabilised and was doing excellent work.
"The important issue for me is that the efficiency within the company is improving," said Brown.
"The chief executive officer has assured me that there is no prognosis for load-shedding over the winter months," she added.
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