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Municipal debt to Eskom increases to R 5 Billion

12 August 2015

Eskom released their annual financial statements yesterday and announced that residential debt continued to escalate, particularly in Soweto.

eskom

Soweto payments received during the year amounted to R 119 million, compared to billing for the same period of R 730 million, creating a shortfall of R 611 million, reflecting an average payment level of 16%.

Municipal debt increased from R 2.6 billion at 31 March 2014 to R 5 billion at 31 March 2015.

Eskom says independent power producers are now providing 1.8 gigawatt of electricity to the national grid and it has experienced a decline in sales to industrial markets such as mining.

The financial results showed that Eskom made a profit, but still needs to borrow about R 20 billion from the domestic market and international bonds.

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