Eskom CEO Andre de Ruyter discusses company’s $704 million loss amid ongoing crisis

South Africa’s power company, Eskom, has reported a loss of $704 million for the year ending March 2022, which represents a decrease from the previous year’s loss of $1.47 billion. However, these results do not include losses from ongoing and intensified blackouts that began in recent months, which may create difficulties for South Africans in 2023. Eskom is currently facing an historic crisis due to corruption, sabotage, and criminal syndicates, leading the government to deploy the military to guard the power plants. Outgoing CEO Andre de Ruyter stated that the company’s massive debt remains a burden on the business, making it difficult to turn a profit. Officials have also noted that the power cuts are expected to continue into 2023 as aging plants struggle to meet demand.