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CFO Cassim paints dark picture of Eskom's financial future

Nersa is on Monday continuing with its public hearings in Midrand on the power utility’s application for a 15% tariff hike.

A YouTube screengrab shows Eskom chief financial officer Calib Cassim.

JOHANNESBURG - Eskom has painted a grim picture of its financial books, saying it’s currently using one credit card to pay for another.

The National Energy Regulator of South Africa (Nersa) is on Monday continuing with its public hearings in Midrand on the power utility’s application for a 15% tariff hike.

Various government organisations, unions and civil society groups are expected to make representations.

Eskom’s chief financial officer Calib Cassim said: “In the first two years chairperson, even with this revenue application and the consequential price increases, we are still in the region of R15 billion short from a cash flow perspective, that is the situation that is facing us.”