- Relief for Eskom will amount to R495.6 billion in tax payers money in 2026.
Bloomberg reports that South Africa’s state owned energy utility, Eskom, will have received close to half a trillion rand in state support almost two decades since it started imposing debilitating nationwide blackouts in 2008.
The series of cash injections and a planned takeover of a portion of Eskom’s loan portfolio will amount to R495.6 billion in the fiscal year through March 2026, the National Treasury said in response to emailed questions to Bloomberg.
The figure includes Finance Minister Enoch Godongwana’s R254 billion relief package for Eskom, which was announced in February and hinges on the debt-laden company meeting pre-determined performance targets meant to wean it off its reliance on public finances. Read more
Eskom has unsustainable debt of over R400 billion largely due to poor planning, poor management, incompetence, corruption, looting and sabotage over the last decade under both the Zuma and Ramaphosa governments. The country faces rolling blackouts of up to 10 hours daily. Read more
Author: Bryan Groenendaal