It seems there’s no light at the end of Eskom’s tunnel. The embattled power utility is expected to announce record losses for the year ending March 2019. Eskom’s performance has had a ripple effect on the country’s economy.
Tuesday’s results are not expected to reflect a power utility that is functioning any better. Electricity prices have increased by about 30 percent over the last two years.
Over the last 10 years, this figure comes to a staggering 540 percent, but the power utility is bankrupt.
With the embattled power utility owing more than R450-billion, government recently allocated billions to bail it out yet again. Outgoing CEO Phakamani Hadebe will be clearing out his office at the end of the month.
Businessman Jabu Mabuza will take over as the acting CEO of Eskom Holdings, as well as the interim executive chairman and acting group CEO of Eskom.
In the meantime, the power utility will also have to look for a Treasurer after the resignation of André Pillay, who is expected to leave next month.
You might also like…Financial support pours in for embattled Public Protector
With embattled Public Protector getting another legal smackdown on Monday morning at the North Gauteng High Court in Pretoria, more people are joining the crowdfunding effort to raise money to pay her R900 000 legal bill.
So huge are the efforts to raise the funds is that it has even been joined by citizens of neighbouring countries. On Monday the campaign had raised R50 266 and the leaders of the campaign were hopeful that they would eventually hit the R900 000 mark they were aiming. The money is needed to pay the legal costs personally levied on Mkhwebane by the Constitutional Court over the ABSA/Bankorp investigation which was later set aside…Read more here
Source: eNCA
