- Eskom records loss as it implemented the worst power cuts with 204 days in 2023.
- South Africa’s government has pledged to split Eskom into three subsidiaries in order to make it more efficient.
South Africa’s utility provider, Eskom, said yesterday that its net loss for the financial year that ended in March had widened to R23.9bn from a revised R11.9bn rand loss the previous year. Despite its position as Africa’s most industrialised economy, this year, Eskom records loss as it implemented the worst power cuts with 204 days – around 27 per cent – of 2023 so far without power on record.
South Africa experienced up to 10 hours a day outages, curbing economic growth and fuelling public frustration. South Africa’s government has pledged to split Eskom into three subsidiaries in order to make it more efficient.
In February, it agreed to take on R254 billion of the power utility’s R423 billion total debt to bolster its finances. This debt relief aims at strengthening Eskom’s balance sheet and allowing for investment in maintenance and infrastructure improvement.