'Eight years of losses end today' - president celebrates Eskom's profitability

PRESIDENT Cyril Ramaphosa says Eskom's return to profitability for the first time in eight years is a clear sign that South Africa's efforts to stabilise the power utility and end the electricity crisis are beginning to yield results.

- HOPE NTANZI [e-mail]

PRESIDENT Cyril Ramaphosa says Eskom's first profit in eight years marks a turning point in South Africa's energy crisis, with loadshedding days dropping dramatically from 329 to just 13. I ARMAND HOUGH Independent Newspapers.

(I ARMAND HOUGH Independent Newspapers.)

In his weekly letter to the nation, Ramaphosa said the improved financial position at Eskom was the result of "staying the course" on reforms and investing in long-term solutions, even when under pressure.

"When we announced the National Energy Action Plan in 2022, the national power utility's losses stood at R12.3 billion and its debt had ballooned to over R300bn," Ramaphosa said.

"At the time, Eskom's auditors noted that there was 'material uncertainty relating to Eskom's ability to continue."

Ramaphosa said the turnaround was largely due to increased collaboration between government departments, the work of the National Electricity Crisis Committee (Necom), and "the hard work by the leadership and staff of Eskom".