Eskom numbers looking brighter than previous financial year

Last week, state owned power utility Eskom, postponed the release of its annual results.

According to EWN, Eskom said it wanted to meet with all interested parties and unions about a range of issues, including the possibility of closing down four power stations before releasing its results.

The anticipated financial results will be released on Wednesday.

EWN reporter, Gia Nicolaides was at the announcement. She says the interim chairperson at Eskom, Mr Zethembe Khoza announced that the organisation will be taking disciplinary actions against suspended Eskom acting CEO Matsela Koko.

Koko was implicated in an apparent conflict of interest after Eskom awarded a company, contracts worth R1 billion, a company in which his step-daughter was the director.

Gia Nicolaides, EWN reporter

Nicolaides says reports of former Eskom CEO, Brian Molefe's attempts to secure a multi-million rand pension payout two months into the job back in 2015 will be addressed later.

Read: SABC's James Aguma jumps ship (in the middle of his disciplinary hearing)

Other information has emerged particularly about contracts with McKinsey and Trillian. Contracts which they had initially said that no money was paid to Gupta linked Trillian. Now they say, they are reviewing R1.4 billion in contracts and money paid to these companies.

Gia Nicolaides, EWN reporter

The overview so far has been that Eskom's turn-around plan has continued to yield positive results and they achieved above target results reports Nicolaides.

She adds that Eskom said it had been targeting a R17 billion amount of cost saving but achieved R20 billion.

Cash generated from operating activities has increased by 23% while revenue has increased by 7.9% and ultimately saying they are in a much better financial position compared to 2013.

Gia Nicolaides, EWN reporter

Listen to Eskom's results report here:


This article first appeared on 702 : Eskom numbers looking brighter than previous financial year


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