WATCH | Eskom’s turning point: Ramokgopa highlights progress amid challenges

Kgosientsho Ramokgopa

Cape Town – The financial year ending March 2024 marked a pivotal moment for Eskom, as highlighted by Electricity and Energy Minister Kgosientsho Ramokgopa.

Despite significant challenges, including 329 days of load shedding, declining plant availability, and a net loss before tax of R25.5 billion (an improvement from the previous year’s R34.6 billion), Eskom showed signs of progress.

“The 2024 financial year is a point of inflection. There’s no turning back [and] we’ll only improve from here and that’s the assurance we are giving to the country,” Ramokgopa said during a media briefing on Thursday.

The separation and establishment of the National Transmission Company South Africa (NTCSA) as a distinct subsidiary introduced a one-off accounting adjustment, leading to a post-tax loss of R55 billion.

However, improved plant performance, over 260 days without load shedding, and billions in diesel cost savings showcased the utility’s efforts toward recovery.

“We are taking responsibility of what happened, and the numbers don’t look good. We carry that responsibility and take the good with the bad. The projection outlook going forward is very positive, but we are responsibility for that record.

“[But] we are able to illustrate to the country that we are moving in the right direction. We can simply improve from here,” he said.

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