Eskom’s double-digit tariff request unaffordable for struggling consumers - The Mail & Guardian

After the state power utility released financial results for the 2020-21 financial year on Tuesday, economists and energy experts said the parastatal had showed progress in paying off R81.9-billion of its debt and reducing it by 16.9% to R401.8-billion, but needed to move faster to reduce soaring energy costs, fix middleman corruption and cut its bloated staff complement, which struggling consumers were effectively subsidising.noted that the parastatal had reported a 6.

Schussler said this was unsustainable and that consumers were being “squashed” as electricity prices had spiked by as much as 307% over the past 13 years, while other fixed costs such as medical insurance had risen 230%, followed by the local components in the petrol price, which rose 188%, water, which increased 180%, and school fees, which soared by 178%. He said Eskom needed to do more to improve its financial position and sustainability.

He said it was unacceptable that the utility was making a profit off the back of consumers, yet still reflecting a net loss after tax of R18.9-billion, due to corruption, inefficiency and mismanagement. Eskom’s coal costs had increased by 11% although the parastatal had spent 3% less on coal because it had burned 15% less due to the lowered demand for the period.

“Eskom is making a R5.8-billion operating profit but as a parastatal it should break even. It should not be profit-making for the government. For 100 years Eskom never ran as a profit-making entity and it also never had to call in a government guarantee.”

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