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Eskom’s power generation declined by 7% in FY 2022-23 (South Africa)

The South African state-owned power utility Eskom has released its results for its financial year ending March 2023, posting a net loss of ZAR23.9bn (US$1.3bn). The company’s output declined by 7% in 2023 to 191.3 TWh, with 89% of coal, 5% of nuclear, 4% of hydro and 2% of gas. The group had a nominal capacity of 46.8 GW at end of March 2023, with 39.1 GW of coal, 3.3 GW of hydro, 2.4 GW of gas and 1.9 GW of nuclear. Eskom, which sold 188 TWh in 2022-23 (-5% compared to the previous year), owns and operates more than 405,000 km of high, medium and low-voltage lines and underground cables.

Eskom has faced losses for six years. Issues such as corruption, lower tariff increases, and unpaid dues from municipalities have burdened the company with a net debt of ZAR399bn (US$21.4bn) and limited funds for plant maintenance, leading to frequent power cuts. The government of South Africa has pledged to provide financial support to take on more than half of the group's debt and boost plant maintenance. Eskom's focus is on operational and financial recovery, reducing corruption, and separating its transmission and distribution businesses into distinct entities. The separation of the transmission company is expected to be completed by the end of March 2024.

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