Government To Help ZESA Solve The Power Crisis With Bridging Finance
The Government of Zimbabwe is considering giving bridging finance to ZESA to help solve the crippling power situation NewsDay reported. ZESA which is marred with a mountain of problems which include but not limited to, old machinery, low water levels at their hydro plant, debts which are in excess of millions, cant provide the general population with enough electricity right now.
This has resulted in crippling power cuts which span for not less than 16 hours. This has affected some and many businesses who require electricity for production.
Speaking at the CZI Annual Congress in Vic Falls The Energy Ministry deputy said:
The ministry is seeking an interim bridging funding package to rescue Zesa Holdings from liquidity, while a tariff review is being considered
“The current electricity tariff has gone below US1 cent per kilowatt-hour, and this is not sustainable. It is a situation that calls for an urgent review of the tariff regime that we have in place so that we can bring the tariff structure to par with that of other regional players.
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ZESA last month paid ESKOM $10 million towards clearing their debt. Mozambique was reported to be considering putting Zimbabwe under sanctions because of non-payments.
