THE Zimbabwe Electricity Transmission and Distribution Company (ZETDC) says it owes over $780 million to different power supplying companies locally and regionally and is currently in the process of repaying the debt.
Source: ZETDC in $780m debt – NewsDay Zimbabwe October 19, 2016
BY MUNESU NYAKUDYA
Speaking at a Press conference in Harare yesterday, ZETDC managing director, Julian Chinemberi said the power utility was repaying the debt on a weekly basis depending on funds raised from clients.
“We have payment plans with the companies and they understand our situation,” he said.
Chinembiri said ZETDC owes its sister company, Zimbabwe Power Company, $754 million. The Zesa subsidiary owes South Africa’s Eskom $18 million, Hydro Cahora Bassa (Mozambique) $9 million and $8 million to the Dema power project.
He said there was a 20% increase in the company’s revenue last month.
“So far, we have installed 576 118 prepaid meters as of October 14 and our target is to instal at least 650 000 before the year ends. We might conclude the phase we had targeted by the end of the first quarter next year,” Chinembiri said.
“So far, we have received about 2 000 meters, which are with us and, as we speak, we have 5 000 meters in bonded warehouses and 1 500 meters at the border. We are working closely with Zimra to have those meters in time.”
He also warned about faults that might occur during the coming rainy season.
“As we approach the rainy season, we are likely going to experience a lot of faults due to our ageing equipment. We want our customers to report these incidents for it may not necessarily be load-shedding,” Chinembiri said.