Outgoing chair paints dire picture of utility's finances
Lerato Nage has been appointed the new chair of Johannesburg’s power utility City Power after outgoing chair Lael Bethlehem opted to not reapply for the job.
painted a dire picture of City Power’s finances, which contribute a major chunk towards Johannesburg’s finances. Bethlehem said City Power’s cash coverage at the end of the 2017-18 financial year was -33 days, as opposed to the three days cash coverage it had in 2016-17. It was “impossible to improve revenue or resolve queries until this was addressed”, she said. “All attempts to address this in a systematic and sustainable manner have been unsuccessful so far.”
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