Business Report, Energy

Business Report, Energy

'Our formula is broken', Eskom's Jabu Mabuza tells MPs | IOL Business Report

Jabu Mabuza presented Eskom's annual report containing the audited financial statements and reflected on the R21 billion loss.

2019-10-09 08:37:00 PM

Jabu Mabuza presented Eskom's annual report containing the audited financial statements and reflected on the R21 billion loss.

Jabu Mabuza presented Eskom's annual report containing the audited financial statements and reflected on the R21 billion loss.

Briefing Parliament's public enterprises portfolio committee, Mabuza presented Eskom's annual report containing the audited financial statements and reflected on the R21 billion loss, 30 days of loadshedding and R6.5 billion in diesel spend to minimise the impact of loadshedding for the financial year ended March 2019. 

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While Eskom tries to recover money following years of corruption, with Mabuza saying thousands of cases have been referred to the Special Investigating Unit and passed on to the National Prosecuting Authority, the entity also insists the culture of non-payment was starting to add up as municipal debt to Eskom had breached the R20 billion mark.

"Our formula is broken. We not selling what we've produced, if we selling it people aren't paying for it...," he said. Read more: IOL News »

21 Billion loss? They must turn off the lights at his house. Making his problems ours here They have succeeded in step1 total black out, what going to follow I chaos I think is a strategy to support their vision of selling Eskom _AfricanSoil Maybe now eskom is financialy stable under him😀😀 CoruscaKhaya Cc Chumani_Mnqojan

What a mess What the fuck ! Zuma was the problem🤣😂 They real crooks are in the cookie jar and they are eating Engineer Koko told you about expensive ipp's,using diesel n y'all terminated his services coz you wanted to loot undisturbed,now you cant loot anymore n you crying formula? Fact is YOU are the wrong formula! Resign n give it to competent engineers not this cadre deployment!!

Honestly this man is clueless... Even when he was making a presentation on the report all I could hear was... Eeh... Eeh... Eeh through out the whole presentation He is Chairman and CEO. That's why it can't work. Eskom is shit We are busy put water into a leaking bucket. Soon they'll be asking for a bailout 😏formula please

How much is this former taxi driver earning? This one is clueless How many jobs does this man have? He is chairing the board of the biggest utility in africa, acting as its CEO and are a director of several other companies. R21 billion loss? Please ANC we are tired of the years of billsh^*ting. Under the corrupt regime never were things that bad at Eskom. You are keeping the lights on using diesel thats why.

So the CEO report to himself as board chairperson The utility posted 1bil profit before those ipp nonsense was signed, coal costs increased way above inflation, ipp contracts made up 25 percent primary costs however only yielded 5 percent elelctricity.. the problem ls started gettin rid of the engineer when he warned of this.

ITjoo that's a lot of money ok we understand as public members bcs PravinGordan is the political head all SOE's &he is busy with his team of expects & task team in IPP form to chew our money in Eskom we see u & everything that's happening there that's Thumamina 2steal more... Is the guy still CEO and board chairman at Eskom?

This referee n a player at the same n his boss Jamnandas must fall Why is he not being fired and must pay back our taxes? He is a criminal like his employers. Dear Eskom, 98% of SA uses Eskom(no other choice) How the Fishcake can you have a R21Billion loss ? WhoTheFIsStealingDELUXE Wht is dat taxi driver still doing there at Eishkom!?🤷🏾‍♂️ Pravin is fucking us dry here!🤞🏾

Mabuza and Jamnandas can't afford to tell us about a R21 billions loss, they must both be fired. This mampara and Pravin must voetsek Our formula is broken: this from eskom? Rather say eskom is broken! Taxi boss cannot run Eskom _AfricanSoil This was an annual report that recorded R21 millions loss and that means that corruption happened under his watch coz he's not talking about previous years🙄

The formula of reporting a record loss in the history of Eskom; of presiding on this loss as the CEO who reports to himself as the chairperson; of, with family, having supplied the same entity you run and account to self; of deliberately and systematically creating a crisis He is so clueless Oh now you have found your voice 🙄🙄🙄🙄

They are going to blame the Guptas. R21 billion loss and the minister of bail outs will come to their rescue Nice hat 🎩 Hau isn't Jamnadas fixing How much of the R21bn went to executive management salaries and benefits? Aowa bathong... How long has been running at a loss..... How long will it continue running at a loss.... Hao banna..... Perhaps maybe until Afriforum is in power it'll miraculously start profiting

Wonder how big his bonus will be? It’s not the formula it’s you dumbfucks A ledger stating that loss will show us make us understand a breakdown figure .Municipalities disconnect if not paid. ESKOM was looted by the 5th administration must be called to account * Even if you are abroad after been conflicted.Thats why 5th admin held back prosecutions.

'Our formula is broken' They keep saying these things like they've only just realised it. And every executive will get good performance bonus 🤦🏿‍♂️

Brexit-type clock ticks for EskomOverseas ownership of South African government debt fell to 37% of the total at the end of August, from as high as 43% in March 2018, according to national treasury data.

Eskom 'concerned' over court ruling to keep the lights on in NewcastleEskom is concerned about the financial implications of the Pietermaritzburg high court's judgment on its operations and security of supply.

Court stops Eskom from pulling the plug in Newcastle over R2bn debtAbout 100,000 Newcastle residents will remain switched on while the local municipality pays its debt to Eskom.

How Eskom botched the Medupi and Kusile planEskom assumed much of the risk of developing Medupi and Kusile when it decided to co-ordinate the projects, rather than appoint an outsider to oversee things

LIVESTREAM: Eskom briefs parliament on financial statementsIn the past financial year, it's suffered an R20-billion loss, its second multi-billion rand loss. The statements of the money they stole? Will that be disclosed as well.

Newcastle mayor welcomes court ruling on Eskom - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Mayor of Newcastle in KwaZulu-Natal Ntuthuko Mahlaba has welcomed the ruling of the High Court in Pietermartzburg which has ordered Eskom not to cut off electricity supply to the town in the north of the province. This is country need to be reset Then pay Eskom.