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You might want to sit down for this one. Eskom on Tuesday added to South Africa’s economic woes and horrid news week, announcing (pdf) a loss of R20.7-billion in its 2018/19 financial year.
You did read that correctly, yes. Twenty billion, seven hundred million rand.
The troubled power utility hosted a presser in Johannesburg, chaired by recently employed acting CEO and chairman Jabu Mabuza.
Eskom blames rising costs of generation and renumeration, and booming municipal dept as major factors in its spiral. Incredibly, Soweto owes Eskom some R18-billion. And the problematic coal power plants years behind schedule, Medupi and Kusile, are 95% and 87% complete respectively. We’re not sure if that’s a positive, tbh.
Of course, the news also broke on Twitter. The social network users, already reeling after South Africa’s unemployment data was released earlier today, sunk their teeth into the state-owned enterprise’s inability to remain above water.
When will the country stop pointing fingers at Zuma and wait for Ramaphosa to deliver at his promises, unemployment is high and since, he took over Eskom lost over R20b maybe that’s the reason why in this winter, we had no load shedding! But we’re still yet to see change https://t.co/YT0xt5Qv9i
— Thembelani Mathe (@bonguyise) July 30, 2019
Imagine a corporate posting a loss of R20bn😭😭😳Eskom is Mabena
— Kokamo Dilotsotlhe (@DilosKK) July 30, 2019
Eskom's year-on-year growth: -786.99%
Fucking hell 😂 pic.twitter.com/uACrZpKg79
— Wogan (@WoganMay) July 30, 2019
In most countrys there would be heads on a chopping block for the #eskom disaster.
Except, complete and utter refusal from anyone to take any responsibility. This continued meltdown must be lain before the door of the ANC. 12 CEOs. 6 boards. 60 directors in 10 years.
— James Styan (@jamesstyan) July 30, 2019
Eskom is a total mess. A struggling & financially unsustainable monopoly.
— Kgaugelo S. Wa Lecowza (@kgaugelo_SM) July 30, 2019
Jabu Mabuza is to Eskom what Jomo Sono is Cosmos….
— TeaTee (@thatomolorane) July 30, 2019
This tweet probably sums up best how we’re all feeling right now.
— Miss D (@ChumaDick) July 30, 2019
Give Eskom credit for one thing though. It’s amazing that it can somehow keep its own lights on at this point.
Feature image: Rahul via Pexels