2023 financial year: Eskom posts net loss of nearly R24 billion

Eskom has posted a net loss of almost R24 billion for the financial year ending March 2023.

This is a massive jump from the R12 billion reported in the previous financial year.

This means the power utility’s cost to keep the lights on have far surpassed its revenue.

Eskom’s operational woes worsened in the reporting period ending March 2023.

This includes a significant drop in the energy availability factor, which is now below the 60% mark.

The energy availability factor is generally a measure of how well Eskom’s power plants are performing.

As a result, households and businesses were load shed for a record 280 days, four times the number of days compared to the previous year.

Eskom’s acting CEO, Calib Cassim, said the dismal operational performance had led to even poorer financial results, with the net loss in 2023 doubling since 2022.

“The increasing municipal debt means less amount that is recognized in terms of our top line. So, you’ve got to deal with the expensive cost base and then improve in terms of your sales to get a better contribution to the bottom line.”

In addition to dwindling generation capacity, ballooning municipal debt and losses due to criminal activity were also among the reasons for the widened financial loss.

-EWN

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