Eskom, South Africa’s power utility, has reported a $704 million (£580 million) loss for the fiscal year ending March 2022.
While this may appear to be a large sum, it represents a decrease from the previous year’s loss of $1.47 billion.
However, South Africans may face a difficult 2023 because these figures do not account for losses caused by ongoing and intensified blackouts that began in recent months.
The outlook is bleak for South Africa’s power utility, which is mired in a historic crisis.
According to the power company’s outgoing CEO, Andre de Ruyter, corruption, sabotage, and criminal syndicates all threaten growth and stability.
He stated this during a press conference on the power company’s year-end financial statements.
Criminality has become such a problem at Eskom that the government recently announced that the military would be sent to protect the power plants.
Mr. De Ruyter stated that, despite progress, the utility’s massive debt continues to be a burden on the business, making it difficult to turn a profit.
Meanwhile, Eskom officials predicted that power outages would continue into 2023 as aging plants struggled to meet demand.
