Monday, November 11, 2024

Eskom declared technically bankrupt

Must read

Nigerian High Commission apartments in Ghana demolished

Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers. The apartments have been constructed to...

Covid-19: Ghana records significant recovery numbers

Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered. The significant number of recoveries means the country now...

DR Congo: President’s ex-chief of staff jailed 20 years for corruption

The ex-chief of staff of the president of the Democratic Republic of Congo has been jailed 20 years by a high court. Vital Kamerhe was...

Covid-19: Zimbabwe’s health minister arrested, charged for graft

Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million. Moyo is accused of illegally...
Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.

South African Power Provider Eskom is reported to be technically bankrupt according to the portfolio committee of the Country’s Public Enterprise.

Eskom generates, transmits and distributes approximately 95% of the electricity used in South Africa and approximately 45% of the electricity used in Africa.

But there are fears the company will not operate beyond April due to its financial situation.

These details about Eskom were revealed at a hearing by the country’s department of public enterprise hearing on Wednesday.

Reports suggest although Eskom’s revenue grew more than four times since 2007, as a result of o tariff increases, the expenses of primary energy and employees grew faster than revenue growth.

For instance employees grew from 32,000 in 2007 to 48,000 by 2018 with the associated costs growing from $691 million to $2 billion.

The latest development is coming on the back of the roll out of the third phase of Eskom’s load shedding announced on Tuesday.

A statement from the power provider said “We have activated contingency measures in the event that employees participate in the strike action and should there be further impact on our operations.”

The regulator says it will continue to appeal to residents and businesses to use electricity sparingly during this period.

 

 

Source: Africafeeds.com

- Advertisement -

More articles

- Advertisement -

Latest article

Nigerian High Commission apartments in Ghana demolished

Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers. The apartments have been constructed to...

Covid-19: Ghana records significant recovery numbers

Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered. The significant number of recoveries means the country now...

DR Congo: President’s ex-chief of staff jailed 20 years for corruption

The ex-chief of staff of the president of the Democratic Republic of Congo has been jailed 20 years by a high court. Vital Kamerhe was...

Covid-19: Zimbabwe’s health minister arrested, charged for graft

Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million. Moyo is accused of illegally...

Ghana’s new law that jails citizens not wearing facemask 10 years

Ghanaians who fail to wear the face masks in compliance with a presidential directive risk going to jail for ten years. They also face a...