Eskom made progress in stabilising its finances: Gordhan

Minister for Public Enterprises Pravin Gordhan says Eskom has made progress in stabilising its finances. Gordhan was speaking to members of parliament during his department’s budget vote. He was addressing members of parliament during a budget vote in his department on Friday.

Gordhan claims that preliminary unaudited results show that the company’s earnings before interest, taxes, depreciation, and amortization have increased by over 85% since the fiscal year 2021.

Gordhan says the entity has also achieved savings of R 50 billion through its savings programme that started in the 2019 and 2020 financial year.

He says, “A further reduction in debt to R396 billion was also achieved. The restructuring process is moving apace and transmission company has already been set up… and all that is being awaited is the finances to enable Eskom to move in this direction.”

Sabotage

Gordhan says acts of sabotage continue to contribute to Eskom’s struggles in providing power. He says someone had cut an important cable at Hendrina Power Station that would have allowed it to be connected to the rest of the grid.

The Minister says this is one of several incidents of sabotage and corruption that have been exposed in recent days.

He says these acts have contributed directly to the blackouts that have afflicted the country.

VIDEO: On Monday, Eskom’s management media briefing on current system challenge:

Stage 2 rolling blackouts 

Meanwhile, Eskom says stage two rolling blackouts will continue through the weekend after it failed to resuscitate some of its generating units. The power utility plunged the country into darkness yet again this week.

Eskom Spokesperson Sikhonathi Matshantsha explains, “Due to the continued shortage of generation capacities, stage 2 load shedding will be implemented from 5 until 10 pm tonight. Load shedding will be repeated at the same time on Saturday and Sunday. Eskom will continue to monitor the system and communicate any changes as may be necessary.”