JOHANNESBURG, December 21 – The state owned power utility Eskom said on Thursday it will postponed its interim results announcement until early next year.
The cash-strapped utility, which has been gripped by a governance crisis in its board, said it needs time to review the impact of the increase and for its newly-appointed board members to review financials. It did not give a specific date for the release of the results.
Eskom will release the results as soon as possible to ensure effective business continuity,” said Acting chief
financial officer Calib Cassim.
A new Eskom board was approved by cabinet earlier this month with the public enterprises ministry, which oversees the utility, adding that it should take decisive action to address governance issues.
South Africa’s energy regulator Nersa granted cash-strapped Eskom a 5.23 percent electricity tariff increase, much lower than the 19.9 percent the country’s sole power supplier had requested.