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Eskom expected to post further R20bn loss next year - CEO Mabuza

This came on top of the R21 billion after tax-loss that the debt-ridden power utility reported in July.

FILE: Eskom board chairperson and CEO Jabu Mabuza. Picture: Sethembiso Zulu/EWN

CAPE TOWN – Parliament heard on Wednesday that Eskom expected to post a further loss of R20 billion next year.

This came on top of the R21 billion after tax-loss that the debt-ridden power utility reported in July. That amount was ten times higher than the previous year.

Eskom chairperson and acting chief executive Jabu Mabuza dropped the bombshell while briefing Parliament’s Public Enterprises Committee.

Mabuza said this was not a job he would have applied for and one he could not even succeed at but he told MPs he was trying not to fail.

“These results remain very disappointing as manifested by the declining financial, operational, and our environmental performance,” Mabuza said.

But, Mabuza said it wasn't all bad news.

“There is encouraging progress to instill governance, root out financial mismanagement, and malfeasance, and maladministration,” he said.

Mabuza said the billions of rand in bailouts from government had eased Eskom’s liquidity concerns and financial pressure. But he told the committee he did not want to pre-empt Finance Minister Tito Mboweni, who was expected to give more details when he delivered his mid-term budget policy review on 30 October.

President Cyril Ramaphosa was also expected to unveil the roadmap for Eskom’s future in early November.

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