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South Africa's Eskom says paying too much for coal

Reuters
Eskom's electric pylons are pictured in Soweto, southwest of Johannesburg, March 31, 2015. REUTERS/Siphiwe Sibeko (Reuters)

JOHANNESBURG (Reuters) - South Africa's electricity utility Eskom said on Tuesday it would renegotiate contracts with coal suppliers because it was paying too much given a recent drop in commodity prices. The comments come after mining giant Glencore said on Tuesday it was placing its Optimum coal operation in South Africa under "business rescue" due to Eskom's unreasonable supply contracts. Africa's most advanced economy is in the midst of one of its worst ever electricity crisis as its ageing fleet of power plants struggles to meet demand.