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
Game guns for the townships with its ‘Get More Out of iGroza’ adverts

Game guns for the townships with its ‘Get More Out of iGroza’ adverts

Branding and advertising expert Andy Rice praises the new Game advertising campaign and Cognitive Agency, the brains behind it.

CR17: 'Face the nation! Tell us what happened! End this PR disaster'

CR17: 'Face the nation! Tell us what happened! End this PR disaster'

There was nothing illegal, yet the CR17 leaks is a PR disaster for Cyril Ramaphosa, says communications consultant Chris Vick.

Shoprite loses R265 million abroad. Admit it’s been a ‘testing’ year

Shoprite loses R265 million abroad. Admit it’s been a ‘testing’ year

Pieter Engelbrecht, CEO at Shoprite, discusses his company’s iffy results for the year ending on 30 June 2019.

Trevor Noah – 4th highest paid comedian on Earth – made R430 million in 2018

Trevor Noah – 4th highest paid comedian on Earth – made R430 million in 2018

Trevor Noah cracked Forbes magazine’s list of highest-paid stand-up comedians in the world.

Want to get rich? Got R100? You don’t need millions to start

Want to get rich? Got R100? You don’t need millions to start

Bruce Whitfield interviews Anthea Gardner, author of "Make Your Money Work for You: Think Big, Start Small".

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).

Popular articles
CR17: 'Face the nation! Tell us what happened! End this PR disaster'

CR17: 'Face the nation! Tell us what happened! End this PR disaster'

There was nothing illegal, yet the CR17 leaks is a PR disaster for Cyril Ramaphosa, says communications consultant Chris Vick.

Trevor Noah – 4th highest paid comedian on Earth – made R430 million in 2018

Trevor Noah – 4th highest paid comedian on Earth – made R430 million in 2018

Trevor Noah cracked Forbes magazine’s list of highest-paid stand-up comedians in the world.

Want to get rich? Got R100? You don’t need millions to start

Want to get rich? Got R100? You don’t need millions to start

Bruce Whitfield interviews Anthea Gardner, author of "Make Your Money Work for You: Think Big, Start Small".

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).

Former EFF MP: 'I didn't know where the money came from until it was leaked'

Former EFF MP: 'I didn't know where the money came from until it was leaked'

EFF member Tebogo Mokwele and Small Business Development Minister Khumbudzo Ntshavheni respond to leaked CR17 bank statements.

Benguela Global Fund Managers is buying Naspers, Standard Bank and Pick n Pay

Benguela Global Fund Managers is buying Naspers, Standard Bank and Pick n Pay

Zwelakhe Mnguni (CIO at Benguela Global Fund Managers) shares his stock picks of the week: Naspers, Standard Bank and Pick n Pay.

'Debt relief law may cause banks to stop lending to lower-income clients'

'Debt relief law may cause banks to stop lending to lower-income clients'

The Money Show’s Bruce Whitfield interviews Cas Coovadia, Managing Director at the Banking Association of South Africa.

[WATCH] Father and daughter dance-off changes tune when she starts twerking

[WATCH] Father and daughter dance-off changes tune when she starts twerking

Khabazela shares tweets and Facebook posts that have gone viral.