JOHANNESBURG – Eskom board chairperson Jabu Mabuza on Thursday said the power utility’s debt still stood at roughly R454 billion.
Mabuza was speaking at the release of the company’s results. He said Eskom expected to report a similar full-year loss this year as the one recorded in 2018. Mabuza said Eskom secured 64% of the funding it needed for next year, but would still rely on government support to maintain a positive cash balance by next March.
“It is against this background that while a net profit of R1.3 billion was realised for the period ending 30 September, a R20 billion loss is projected by year-end. Our overall interim performance remains unfavourable as we continue to face operational and financial challenges,” he said.At the same time, Mabuza said the debt by deflating municipalities continued to rise and put a massive financial burden on the power utility.
Eskom threatened to cut power to three municipalities in Bloemfontein next week over their failure to settle their bills. President Cyril Ramaphosa recently called on all citizens to cough up so the cash strapped state-owned enterprise could service its debt.“While the focus has been on non-paying municipalities, the payment levels of a number of municipalities including those who are servicing their debt is not satisfactory.
If Zuma debts can be written off so can eskom debt as well, it’s just fair
When Mbkei was booted the debt was zero
We are experiencing the effects of ANC Chancellor House looting of Eskom!
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