SOUTH African utility Eskom released its annual financial report on 23 December 2022, probably hoping no-one would notice, but facts and figures don’t lie.
According to popular load shedding app EskomSePush, there were 2,900 hours of load shedding during 2022. This translates to 121 days which is more than double 2021’s 48 days.
Let’s examine the technical and financial metrics behind this grim reality.
Eskom reports an improvement on all key financial indicators resulting in it incurring a net loss after tax of R12.3 billion in the financial year ended March 2022. This is a 51% improvement on the R25bn net loss reported for the previous financial year.
“This is largely attributable to the unsustainably high finance costs and primary energy expenses, specifically the expenditure to supplement generation capacity through the usage of Open Cycle Gas Turbines (OCGTs). Expenditure on fuel for the OCGTs doubled to R14.7bn, from R7bn in
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