JOHANNESBURG – Outgoing Eskom CEO Andre de Ruyter said the power utility's debt and loans amount to more than R396 billion.
De Ruyter delivered Eskom's performance overview for the financial year that ended in March 2022 on Friday afternoon.
This come as the government was expected to take over parts of the hefty debt.
The ballooning municipal debt accounts for over R44 billion of Eskom’s overall debt. Municipal debt jumped from R35 billion in the previous financial year – accounting for an increase of 27%.
De Ruyter said he expected the figure to grow after the Constitutional Court dismissed an appeal by the power utility.
Eskom hoped to reduce the electricity supply to two non-paying municipalities in the Free State and Mpumalanga.
De Ruyter has agreed to abide by the ruling.
The power utility also recorded a R12.3 billion net loss for the same financial year ending in March 2022.
Artmotion S.Africa
