Eskom Reports Net Loss Of R20.5 Billion

Eskom reports a net loss of R20.5 billion for the 2020 financial year.

Chief Executive Andre de Ruyter released a statement on Friday. He describes the loss as disappointing attributing it to ‘capacity shortages and adverse economic conditions’.

The power utility is battling a R488 billion debt which, according to de Ruyter, is unsustainable.

De Ruyter said that municipalities were some of the main offenders but that Eskom had secured 64% of funding for the 2021 financial year by the end of last month.

The financial results for 2021 were expected to be worse before long-term improvements materialised.