City Power in drive to plug R1.2bn gap
Unpaid electricity tariffs total R3bn
Johannesburg’s economic mainstay and biggest service provider, City Power, is heading into the 2018-2019 financial year with a deficit of R1.2bn. The deficit would have to be overcome by collecting about R3bn in unpaid electricity tariffs owed by residents, the utility’s CEO Lerato Setshedi said in an interview with Business Day on Monday. City Power is an independent municipal entity that is wholly owned by the City of Johannesburg but is managed by an independent board. It contributes about 40% of the city’s revenue, while the city contributes about 16% of the national economy, as well as 40% of the Gauteng provincial economy. It has undertaken to substantially cut the deficit by the end of the 2018-2019 financial year. If you are already a subscriber, please click on the following link below to go to the full article: City Power in drive to plug R1.2bn gap If you would like to subscribe to BusinessLIVE Premium to read the full story, please click here
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