Waar is al die korrupsie geld wat jaar na jaar aan Eskom oorbetaal word. Hierdie is nie net wanbestuur nie, maar totaal en al korrupsie. Hierdie kastige “elites” wat hulself miljoene rande bonusse toelaat en nie ‘n maatskappy soos Eskom bestuur, wat ‘n publieke entiteit is, het geen reg om hulself geld of bonusse toe te eien nie. Al die wanbestuur en uitgawes op tenders, moet van hul bankrekenings verhaal word. Miljoene rande word gesteel, sodat dit aan die einde “ontbondel” word, dus, wie sit hieragter om die publiek aan die neus rond te lei en te besteel? Wie wil ontbondel? Hoeveel is al sedert 1994 vir hierdie maatskappy gegee en wat doen hul bestuur? net mooi niks, al wat hulle voor goed is, ontvang hul maandelikse tjekkie – gaan dit nie so met al die ander SOE’s en elke munisipaliteit wat ook bankrot is nie? ONBEVOEG!
Total liabilities are estimated at R650bn
Energy experts this week accused embattled power utility Eskom of not being transparent with the public over its “true” financial position, stating that the utility’s debt was well over the R440bn it previously reported. Karl Miller, a global energy adviser, said the national treasury will be forced to absorb Eskom’s debt in one form or another but that Eskom was not truthful about the extent of its debt.
His research estimates Eskom’s “real” debt at $45bn (more than R650bn at this week’s exchange rate), including off-balance sheet debt and deferred plant maintenance.
“There is simply no real visibility regarding the true off-balance sheet liabilities hidden in South African state-owned enterprises and governmental agencies,” Miller said.
“These hidden debts are extremely worrying because off-balance sheet debts have been the downfall of many emerging market/developing
Eskom CEO and board chairperson Jabu Mabuza on Tuesday told MPs that the power utility’s debt levels have reached the
ceiling. In an e-mailed response to Sunday World, the power producer would not comment on whether it has been misleading the public on its financial statements.
“At end March 2019, Eskom’s total debt was R440bn. The update will be available when the interim results for the current financial year are published later this year,” Eskom said. Finance minister Tito Mboweni tabled a Special Appropriation Bill in July that would see Eskom receive R26bn in additional support this year and R33bn next year.
This is on top of the R23bn a year over the next three years that the treasury allocated to the power producer in the February budget.
The latest financial support for the power utility means that the government would have supported it with R49bn in the 2019/20 financial year, R56bn in the 2020/21 period and R23bn in 2022, with at least another R100bn in the pipeline in coming years.
Eskom posted a record loss of R20.7bn for the 2018/19 financial year on the back of an increase in the price of coal in the period. The treasury has suggested that Eskom should consider disposing of its coal-fired power stations in a move that could potentially raise about R450bn as government scrambles to keep the power producer https://www.esi-africa.com/event-news/energy-expert-ted-blom-open-the-grid-before-eskom-finally-collapses/afloat. Energy expert Ted Blom agreed with Miller’s assertion
that Eskom was not forthcoming with information on its deteriorating financial situation.
He said Eskom debt was closer to R650bn. “I have put a price tag of R300bn on each of Medupi and Kusile [power stations] since 2010. Strange that other SA ‘experts’ were in denial of my number in 2010, [but are] now beginning to concur,” Blom said.
How serious in your view is Eskom’s financial situation – what in your view should be done asap?
Eskom’s financial situation is beyond precarious. Effectively Eskom is in business rescue, but for political reasons, this is being called by a different name to avoid a run on the fiscus that has guaranteed Eskom’s debt. Inflows from China, previously stated as Eskom’s salvation, have also stopped. This has led to Treasury’s emergency R7bn bailout to enable Eskom to pay creditors and salaries. I do not expect the situation to improve. Eskom has not implemented any remedial action to address over-staffing or coal corruption or the impact of expensive renewables, which will suck R50bn from Eskom’s revenues this year.
The committee recognised the importance of Eskom in the economy and in the lives of all South Africans and emphasised the need to support it. However, the committee also stressed that the days of “blank cheques” to state-owned companies (SOCs) are over.
Eskom – 18 September 2019 – Parlement SA