Spike in oil prices as result of the war in Ukraine will probably add to the debt-stricken power utility’s financial problems
Eskom spent R7bn on diesel used to run gas turbines in the 2021 financial year ended March 31 and the number is likely to rise in 2022 as oil prices spike with the war in Ukraine.
The state-owned utility has debt of about R392bn and the rising cost of diesel will only add to its woes. Moreover, the national energy regulator’s decision to approve a 9.6% tariff increase for 2022/2023, after Eskom applied for a 20.5% hike, has further squeezed its finances. ..
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