Debt’s unrealistic, Eskom, but hey, keep on shedding
The company, now sustained by endless bailouts, is a drag on public finances
Eskom announced a record loss of R20.7bn for the past financial year on Tuesday, citing lower earnings, increased finance costs and higher costs for primary energy, in particular coal.
Chairperson Jabu Mabuza said: “Our challenges can’t be addressed in isolation or overnight. They require a partnership approach where difficult choices have to be made for sustainable success.”
The company has R440bn debt, which it is unable to service, and is a drag on public finances, with successive bailouts from the government adding to the national debt burden and threatening SA’s credit rating...