Lerato Nage takes over as new board chair at City Power
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. Bethlehem made the announcement at the utility's annual general meeting on Wednesday in Johannesburg. Boards of the municipal entities are appointed annually. Among other functions, Nage was the board chair of City Power’s audit committee.
In her farewell address, Bethlehem painted a dire picture of City Power’s finances, which contribute a major chunk towards Johannesburg’s finances. The entity had not met its revenue targets and was no longer in the position of being Johannesburg’s “‘cash cow”, she said. 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.