Other worrying trends include the increase in municipal debt from R13.6 billion to R19.9 billion. Clearly, things are going from bad to worse at the utility. Eskom is a sinking ship, and judging from Public Enterprises Minister, Pravin Gordhan’s announcement on Monday that the entity would appoint its current board Chairperson, Jabu Mabuza, as an interim Acting CEO, there is no permanent captain to steer the ship through this storm.
~ Natasha Mazzone, DA Shadow Minister of Public Enterprises
We share our results at an undoubtedly tumultuous time in our history, a time when it is of paramount importance to co-create a country electricity strategy.
Today Eskom releases results that, while expected, are unfavourable. The organisation disappointingly incurred a net loss after tax of R20,7 billion for the year – a significant increase from the R2,3 billion loss experienced in the previous year coupled with an audit qualification on PFMA compliance.
A special word of gratitude to the outgoing Group Chief Executive, Phakamani Hadebe, for the excellent work he has done since joining Eskom in January last year and for working with us as the Board in navigating our challenges and crafting a way forward that will see Eskom to sustainability.
~ Jabu Mabuza, Eskom Board Chairman – Annual Results Announcement, 30 July 2019