Eskom Reports R55 Billion Loss for 2023/24

Eskom has reported a staggering R55 billion after-tax loss for the 2023/24 financial year, primarily attributed to a one-off accounting adjustment related to the spin-off of its transmission business, high diesel costs, and significant electricity theft. Despite these challenges, the utility expressed optimism, projecting a profit of R10 billion for the following financial year, buoyed by reduced load shedding and increased sales. The first half of the current financial year showed positive trends, with no load shedding reported and a 4% increase in sales volumes, alongside a R11.9 billion reduction in diesel costs. Eskom's leadership views the current period as a turning point, focusing on delivering the Generation Recovery Plan to improve operational performance. However, the company still faces systemic issues and is preparing for a proposed 36% tariff hike to ensure financial stability. The results underscore both the difficulties faced and the potential for recovery as the new executive team implements necessary changes.