Power utility ZESA is incurring huge losses, after lossing $140 million in 9 months. This is expected to increase to $233 million by the end of the year, which is double the losss made last year of $111,4 million.
ZESA Chief Executive Josh Chifamba said:
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We are actually haemorrhaging as it is. We are selling power at below cost.
The utility has not been awarded a tariff increase since 2011 and there has been no financial provision for the temporary emergency power plant and this has negatively affected the financial position of the utility.
More: The Source