News:ZESA Says Load Shedding Looming As It IS Failing To Pay For Power Imports
<vote /> The Zimbabwe Energy Distribution and Transmission Company (ZETDC), has said the country may again start experiencing load shedding because it owes tit's power suppliers over US $734 million. External suppliers such as South Africa's Eskom are threatening to withdraw power supplies if they are not paid. ZETDC says it is technically insolvent and will require a bailout in order to continue providing power normally as it has done over the past several months. In November last year, power cuts would last up to 18 hours a day.
ZETDC managing director Julian Chinembiri said:
We are technically insolvent as a company. We thought we will turnaround the company, especially when we were going to be awarded the tariff (increase). The company will require financial bailout in the near future, but (not sure) from where because the fiscus does not have money.”
More: The SourceLatest News
Latest Profiles
- John Chamunorwa Mukombe
- History of The Zimbabwe Dollar
- Henry Machiri
- Webiston Jokonya
- Andy Rinomhota
- Aleck Tabe
- Andrew Farai Rinomhota
- Edmund Makona
- Cynthia Shonga
- Andrease Mathibela
<comments />Buy Phones on Credit.
More Deals
