Eskom announces massive financial loss

[View in browser]( [Mail & Guardian]( M&G Mornings | Wed 01 Nov   Eskom announced on Tuesday a staggering loss of R23.9 billion for the financial year ending March 2023. The losses were in part attributed to increased load-shedding, municipal debt and spending on diesel for open-cycle gas turbines, which more than doubled in this financial year compared with the previous one. Other reasons included criminal activities and irregular spending. The losses come despite a tariff hike. The year also recorded more days of load-shedding — 280 — than the previous one — 65. The losses were attributed to the energy availability factor of only 56.03%, down from 62.02% the previous financial year. Another notable announcement was a municipal debt of R58.5 billion compared with R44.8 billion the previous year. But acting chief executive Calib Cassim Eskom said he expected the utility to start seeing a turnaround in its financials by 2025. The M&G’s [environmental newsletter]( the Green Guardian, goes out today. Please sign up for climate and environment news as well as a fun weekly quiz. Ozayr Patel | Climate & Environment Editor [@Ozayr8]( ADVERTISEMENT [Eskom records massive R23.9 billion loss]( Eskom acting chief executive Calib Cassim says Eskom expects to see an improvement in its financials in 2025 [// Read more]( Premium [Cosatu: Agoa must support Africa’s industrialisation]( Beneficiation growth, decent work, penalties for companies that violate labour laws and ensuring multinational companies pay taxes in Africa are among the issues unions will raise [// Read more]( [Ampersand Mixtape 8: Pageturners]( For this mixtape Charles Leonard has a stack of books as high as his stack of records – come and curl up with this unputdownable mix of songs about books and writers [// Read more]( Recommended Reads [Senzo Meyiwa trial: Witness adamant that accused was not tortured into confessing]( Previous state witnesses had told the court that they saw no injuries on accused number two, Bongani Ntanzi [// Read more]( [Charges against fake doctor ‘Matthew Lani’ dropped]( The TikTok influencer was arrested on Sunday night at the Helen Joseph Hospital for impersonating a medical practitioner [// Read more]( Premium [US Congress members bail on Agoa to avoid government shutdown at home]( Congress members will stay at home to pass key government spending bills but a senior trade representative will lead a US delegation [// Read more]( [SA opera talents soar on global stage]( Operalia is one of the most prestigious opera competitions in the world [// Read more]( [Leadership and African rites of passage. Is there a link?]( Why it is important to understand various rites of passage and how they might influence exceptional leaders [// Read more]( [Share]( [Share]( [Tweet]( [Tweet]( [Forward]( [Forward]( This email was sent to {EMAIL} [why did I get this?]( [unsubscribe from this list]( [update subscription preferences]( Mail & Guardian Media LTD · 25 Owl St · Braamfontein · Johannesburg, Gauteng 2001 · South Africa