Struggling state power utility Eskom‘s gross debt increased to R488-billion as of March this year from R440-billion a year earlier.
The power utility was giving a presentation to Parliament on Wednesday morning and highlighted the financial issues which continue to worsen.
Eskom says its pre-audited results for the 2019/20 financial year reflected a closing cash balance of R23-billion.
It says the risk of power cuts will remain until after it has completed an 18-month maintenance programme.
Currently, Eskom is cutting 2,000 megawatts from the grid between 8am and 10pm, continuing with rolling blackouts that are adding to South Africa’s economic woes.
The ailing power utility is blaming failures in 10 generation units at seven power stations for the load-shedding.
In other news – Minister Zulu exposes government workers who applied for R350 Covid-19 relief grant meant for the poor
Social development minister Lindiwe Zulu has told parliament that some government employees may have applied for the special Covid-19 social relief of distress grant meant for the poor and unemployed. Learn more