BUSINESS MAVERICK: No surprise as Eskom announces record loss

Generating electricity from burning diesel drilled a hole through the finances of electricity producer Eskom. The utility burnt R6.5-billion worth of diesel during the year ended March 2019 in order to supplement its core generating capacity of coal-fired power stations and avoid rationing electricity.

The increased usage of the diesel-guzzling emergency open-cycle gas turbines became necessary as the performance of the nuclear, coal and renewable energy power stations declined due to an energy availability factor of 70%, down from 78% the previous year. Eskom generates more than 95% of South Africa’s power, most from its fleet of coal-fired power stations.“

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Saica chief Freeman Nomvalo appointed Eskom chief restructuring officer | IOL Business ReportGordhan said some of Nomvula's tasks would be to interrogate Eskom's debt and various proposals to resolve its burden.
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Eskom reports R20.7bn loss due to ongoing challenges | IOL Business ReportEskom chief Jabu Mabuza said the losses for this financial year were not a reflection of the outgoing chief executive Phakamani Hadebe's performance.
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