Eskom

[Fiunance]Eskom’s gross debt level increases to R480bn

Eskom’s gross debt level increases to R480bn

24TH JULY 2020

BY: BLOOMBERG

Eskom Holdings' gross debt surged to R480-billion, after the struggling State-owned power utility borrowed from its lines of credit, documents seen by Bloomberg show.

The increase, from a previously disclosed level of R454-billion, comes as the company struggles to meet running costs, including a debt-service bill, despite a government bailout. Inadequate maintenance of its aging power plants led to rolling nationwide blackouts earlier this month.

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Over the past year, Eskom clinched a R15-billion syndicated loan with commercial banks, a R7-billion loan from the China Development Bank and a R5-billion facility from South Africa’s Public Investment Corporation, the documents show.

Eskom declined to comment on a query about its debt level. 

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