Eskom doubled its net losses for the year ended March 31, 2023 following increased levels of load shedding. File Picture: Siphiwe Sibeko/Reuters
South African power utility Eskom reported a R23.9 billion net loss for the year ended March 31, 2023, up from a revised R11.9 billion loss for the previous year.
This is according to the annual results that the power utility presented on October 31, 2023, for the 2022/2023 financial year.
Eskom reported R259.5 billion in revenue, a 5% increase in comparison to R247.5 billion reported the previous year.
The power utility’s generating plant availability was at its lowest levels ever, with load shedding days increasing from 65 in the 2021/2022 financial year to 280 in the 2022/2023 financial year. Eskom reported an energy shortfall of more than 5,100 GWh for the year.
Increased load shedding was a result of renewable and other programmes like the DMRE’s Risk Mitigation IPP Procurement Programme not coming online as expected under the IRP 2019.
Municipal debt rose by R13.7 billion from R44.8 billion in 2022 to R58.5 billion at year-end. Eskom said that 28 municipalities have received approval for the municipal debt relief programme, which was implemented by the National Treasury on June 1, 2023.
The headcount for the power utility declined by 820, from 40,421 in 2022 to 39,601 in 2023.
In an effort to turn things around, the power utility will be focusing on improving performance at six priority stations, including Duvha, Kendal, Kusile, Majuba, Matla, and Tutuka, as well as sustaining the performance of well-performing stations, Medupi, Lethabo, and Peaking.
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