South Africa: Bigger losses, bigger bailouts at Eskom
Eskom has reported a net loss after tax of R20.7bn ($1.4bn) for the year to March 2019, up from R2.3bn for the year to March 2018. While expenditure was reduced by R9.9bn, this was less than the targeted R10.6bn and was fully absorbed in minimising load-shedding. The utility has a total debt burden of R440bn, equivalent to 17% of the total South African sovereign debt. The availability of its fleet of power plants had stabilised at 70%, but this remains well below its 80% target.