Eskom is not sustainable, warns its Chairperson Jabu Mabuza

It’s simply unsustainable to carry on in the way they’ve been carrying on… Politically there’s going to be some hard choices made by the President… The only man with a plan…

Chris Yelland, EE Publishers

Eskom on Wednesday forecasted a loss before tax of R11.2 billion in the current financial year.

The state-owned utility reported a R671 million profit in the six months to the end of September but said its performance in the next six months would be hurt by a wage deal with trade unions, higher maintenance costs and coal shortages.

In its current state, Eskom is not sustainable.

Jabu Mabuza, Eskom Chairperson

Eskom reported a R6.3 billion profit in the first half of the 2017/18 financial year before slumping to a R2.3 billion loss for the full year.

Eskom’s debt rose to R419 billion at the end of September, from R367 billion a year earlier.

The Money Show’s Bruce Whitfield interviewed energy expert Chris Yelland of EE Publishers.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Today we saw a very frank and open disclosure of the dire financial position Eskom finds itself in.

Chris Yelland, EE Publishers

They can get their operational performance back to where it must be… On the financial side… the reality is that the politics of South Africa… will not allow Eskom to do what it wants with its prices…

Chris Yelland, EE Publishers

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Working abroad? New rules are coming! You're probably breaking the existing ones

Working abroad? New rules are coming! You're probably breaking the existing ones

Bruce Whitfield interviews Warren Ingram, a Personal Financial Advisor and Executive Director at Galileo Capital.

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

The Money Show’s Bruce Whitfield interviews Marais, a quantum biology researcher with dreams to live on Mars.

'Get ready for tax levy to save Eskom, because the money is simply not there'

'Get ready for tax levy to save Eskom, because the money is simply not there'

Eskom has so much debt it threatens to break South Africa. Bruce Whitfield interviews Dr Adrian Saville of Cannon Asset Managers.

Meet Abel Sithole, the man in charge of R1.6 trillion in Government pensions

Meet Abel Sithole, the man in charge of R1.6 trillion in Government pensions

The Money Show’s Bruce Whitfield interviews Abel Sithole, Principal Executive Officer at the GEPF, Africa’s largest pension fund.

5 strategies for keeping calm when Eskom sheds a load (by Prof Renata Schoeman)

5 strategies for keeping calm when Eskom sheds a load (by Prof Renata Schoeman)

Psychiatrist Renata Schoeman has tips and tricks to help you cope without blowing a fuse.

Cheekily named load shedding app EskomSePush goes from 2500 to 400 000 users

Cheekily named load shedding app EskomSePush goes from 2500 to 400 000 users

It’s now the most downloaded IOS app and 2nd most downloaded Android app in SA. Bruce Whitfield interviews co-founder Dan Wells.

Popular articles
'I got retrenched and it took a toll on my relationship' - on money and intimacy

'I got retrenched and it took a toll on my relationship' - on money and intimacy

Money is one of the top causes of relationship fights and divorce. Dr Eve and callers discuss how it can affect sexual intimacy.

Icasa's Rubben Mohlaloga to appeal 20 year sentence for fraud, money-laundering

Icasa's Rubben Mohlaloga to appeal 20 year sentence for fraud, money-laundering

He was sentenced alongside former acting head of the Land Bank Philemon Mohlahlane and attorney Dinga Rammy Nkwashu.

Men become creative to escape Valentine's Day #MenConference2019

Men become creative to escape Valentine's Day #MenConference2019

Khabazela shares tweets and Facebook posts that have gone viral.

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

The Money Show’s Bruce Whitfield interviews Marais, a quantum biology researcher with dreams to live on Mars.

'They think they're the boss of the road' - Listeners share taxi driver tales

'They think they're the boss of the road' - Listeners share taxi driver tales

702/CapeTalk listeners share stories of having been violently harassed by taxi drivers and feel the government needs to act on it.

'Get ready for tax levy to save Eskom, because the money is simply not there'

'Get ready for tax levy to save Eskom, because the money is simply not there'

Eskom has so much debt it threatens to break South Africa. Bruce Whitfield interviews Dr Adrian Saville of Cannon Asset Managers.

Eskom paid R300 billion (and counting) for 2 deeply flawed coal-fired dinosaurs

Eskom paid R300 billion (and counting) for 2 deeply flawed coal-fired dinosaurs

Litigation will follow, says Minister Gordhan. Business Day’s Carol Paton on his inquiry into the failing Medupi and Kusile.

South Africa just became the world’s hottest destination for oil exploration

South Africa just became the world’s hottest destination for oil exploration

The Money Show’s Bruce Whitfield interviews Stephen Larkin, CEO at Africa New Energies.