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Brown: Eskom is on stable financial footing

Eskom has received a qualified audit opinion for the 2016/17 financial year. In that time irregular expenditure ballooned from R106 million to R4 billion.

FILE: Lynne Brown. Picture: Thomas Holder/EWN

CAPE TOWN – Public Enterprises Minister Lynne Brown says despite Eskom having incurred more than R4 billion in irregular expenditure over the past financial year, she’s satisfied that it’s on a stable financial footing.

The last remaining challenge for the power utility, she says, is addressing a collapse in governance.

Brown told Parliament’s portfolio committee on Wednesday that new executives and board members must be appointed.

“I will never be able to test who their friends are, so there is the human element that I’m not able to change within these boards.”

Vetting of candidates to serve on the board is currently underway.

A permanent board will be appointed before the end of the year.

Eskom has received a qualified audit opinion for the 2016/17 financial year. In that time irregular expenditure ballooned from R106 million to R4 billion.

Fruitless and wasteful expenditure at the power utility also grew from R93 million to R547 million.

(Edited by Leeto M Khoza)