Bright Ideas for Eskom Anyone? Utility's Debt Now U.S. $1 Billion
South African power utility Eskom has told parliament that they are now ten times more indebted than they were a year ago, to the tune of over U.S.$1 billion (R21 billion), laying most of the blame at the door of municipalities who have not been paying them for electricity services rendered. Eskom's Acting Group Chief Executive Officer Jabu Mabuza told the portfolio committee that the "government's financial support remains important in addressing short-term liquidity concerns." The South African public has borne the brunt of several bailouts of the utility, which has been subjected to mismanagement and corruption for a number of years.
(file photo)
InFocus
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South African power utility Eskom has been at the centre of a major financial meltdown for a number of years, with several bailouts from the government to prevent ongoingRead more »
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Eskom, South Africa's biggest power utility, has had crisis after crisis exposed over the years. They are R440 billion in debt (and counting) and are once again asking for ... Read more »
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