An Eskom Special Appropriation Bill to fund its long-term ability to keep South Africa's lights on, and itself afloat, is just about finalised. Finance DG Dondo Mogajane confirmed this on the sidelines of the parliamentary appropriations committee, adding that the draft law on Eskom's future funding would be accompanied by an explanatory memo on broader reforms.

Eskom remains, if not the biggest risk to South Africa's economy, then one of the greatest. That's agreed. What is not agreed is what to do about it.

In the politicking that characterises much of South African governance, different interests are colliding: unions oppose Eskom's unbundling because of job losses, elements in the presidential Eskom sustainability task team continue lobbying for a R200-billion green fund that has already been rejected and Eskom keeps on hoping for a significant portion of its R450-billion and rising debt to be shifted to government's books.

National Treasury director-general Dondo Mogajane told Daily Maverick the Eskom Special Appropriation Bill is being finalised:

"We are ready. People are working on that".

But this draft law will not be introduced without an explanatory document, akin to a white paper, to explain the broader context. That explanatory paper would deal with four...