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.

 

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