Eskom not insolvent but facing cashflow trouble

File Eskom may have to approach banks for money to battle its financial crisis

File Eskom may have to approach banks for money to battle its financial crisis

The power utility confirmed on Monday that it had 20 times less cash than needed to fund operations and said it had written to the public enterprises minister, alerting her of the impending calamity.

Zuma and the Guptas have denied any wrongdoing.

"We are not insolvent but we are projecting that if we continue along this trajectory we might be in trouble", Phasiwe told Reuters.

"We as the company we need to sort ourselves out and get our house in order so that when we go out to the market to raise money these things do not become a hindrance", said Phasiwe.

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Eskom was granted a 9.4 percent tariff rise in the previous year.

Over the years, Eskom has been imposing above-inflation increases on its customers, provoking cries from industry and households alike.

Cost containment has been one of the key components of our strategy.

To date, Eskom has secured approximately 56% of the funding requirements for the current financial year. As such Eskom will maintain sufficient liquidity to support its operational and financial requirements.

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A report from Eskom to its shareholders, which has been viewed by EE Publishers and Fin24, provides compelling substance to the words of Finance Minister Malusi Gigaba in his recent 2017 Medium-Term Budget Policy Statement that Eskom's financial position is the most serious threat facing the South African economy and budget.

Eskom's acting Chief Executive Sean Maritz said on Monday the utility had enough cash to meet it commitments.

In a separate statement, Eskom said it had healthy stockpiles across its coal-fired power stations and was building them further ahead of a potential coal wage strike by the National Union of Mineworkers.

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