Eskom delays interim results announcement

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JOHANNESBURG, Dec 21 – South Africa’s power
utility Eskom which has been embroiled in a governance
crisis, said on Thursday it will postponed its interim results
announcement until early next year.

Cash-strapped Eskom, the sole power supplier in Africa’s
most industrialised economy, has struggled after a leadership
crisis and has been at the heart of allegations of illegal
contracts and undue influence in awarding tenders to the Gupta
family, friends of President Jacob Zuma.

Zuma and the Guptas have denied any wrongdoing.

The scandal-plagued power utility, said it needed time for
its newly-appointed board members to review financials and to
review the impact of a new electricity tariff increase. It did
not give a specific date for the release of the results.

“Eskom will release the results as soon as possible to
ensure effective business continuity,” said Acting chief
financial officer Calib Cassim.

A new Eskom board was approved by cabinet earlier this month
with the public enterprises ministry, which oversees the
utility, adding that it should take decisive action to address
governance issues.

South Africa’s energy regulator Nersa granted cash-strapped
Eskom a 5.23 percent electricity tariff increase, much lower
than the 19.9 percent the country’s sole power supplier had
requested.

-(Reuters)