BREAKING: Eskom’s Finances in Shambles, Could Lose a Staggering R15 Billion in 2024 Alone
Get ready for a blowout, folks! South Africa’s electricity giant, Eskom, is about to release financial statements that will leave you gasping. A whopping R15 billion in annual losses is on the horizon, thanks largely to a ridiculous R33-billion splurge on diesel, which is simply being burnt by the truckload to keep the lights on.
And let’s not forget the bad news is only getting worse. A full-year loss of R23.2 billion in the 2023 financial year set the tone, and it looks like we’re headed for a record-shattering performance in 2024.
But wait, there’s more! The CEO, Dan Marokane, claims that ending electricity blackouts (which have been the norm lately) could lead to profitability next year. Yeah, right! Like cutting down on diesel is going to miraculously make up for such a catastrophic financial situation.
Meanwhile, Marokane’s priorities seem a bit off. Instead of scrambling to fix the company’s financial woes, his main concern is ending the power outages that have devastated the economy. No doubt, a necessary evil, but isn’t this just kicking the can down the road?
As things stand, it’s hard to see a path to financial recovery for Eskom anytime soon. Maybe next year, Marokane, huh?
