Eskom expected to announce record losses

Fibo Quantum

JOHANNESBURG – It seems there’s no light at the end of Eskom’s tunnel.

The embattled power utility is expected to announce record losses for the year ending March 2019.

Eskom’s performance has had a ripple effect on the country’s economy.

READ: Jabu Mabuza appointed as Eskom’s acting CEO

Tuesday’s results are not expected to reflect a power utility that is functioning any better.

Electricity prices have increased by about 30 percent over the last two years.

READ: Eskom wants more money

Over the last 10 years, this figure comes to a staggering 540 percent, but the power utility is bankrupt.

With the embattled power utility owing more than R450-billion, government recently allocated billions to bail it out yet again.

Outgoing CEO Phakamani Hadebe will be clearing out his office at the end of the month. 

READ: Moody’s: Eskom’s bailout credit negative

Businessman Jabu Mabuza will take over as the acting CEO of Eskom Holdings, as well as the interim executive chairman and acting group CEO of Eskom.

In the meantime, the power utility will also have to look for a Treasurer after the resignation of André Pillay, who is expected to leave next month.