ZESA loses $140m in 9 months, expected to lose $233m in 12 months

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:

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