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South Africa’s power company Eskom has reported a $704m (£580m) loss for the year ending March 2022.
While this may seem high, it in fact represents a reduction to from the $1.47bn lost in the previous year.
But South Africans may be in for a difficult 2023, as these results do not include losses from ongoing and intensified blackouts which began in recent months.
Things are bleak at South Africa’s power utility, which is in the grips of an historic crisis.
According to outgoing CEO Andre de Ruyter the power company is hampered by corruption, sabotage, and criminal syndicates – all of which threaten growth and stability.
He shared this at a press briefing on the power generator’s year-end financial statements.
Criminality has become such a concern at Eskom that the government recently announced that the military would be deployed to the power plants to guard them.
Mr De Ruyter said despite an improvement, the utility’s massive debt remains a burden on the business – making it difficult to turn a profit.
Meanwhile Eskom officials said they expect the power cuts to continue into 2023 as aging plants struggle to meet demand.