ZESA holdings group chief executive Josh Chifamba has warned of impeding massive power cuts due to foreign currency constrains that have hit the firm.
Briefing a Parliamentary Portfolio Committee on Mines and Energy yesterday, Chifamba hinted that ZESA was being allocated a paltry $1,5 million per week against $ 5 million required for import electricity adding that the possibility of load shedding was inevitable.
By TechnoMag Reporter
“We are not getting enough funds to service accounts owed to Eskom and Hydro Cahora Bassa. We are not getting adequate funds from banks to service these accounts.
“We have to come up with some innovative ways of talking to our customers who are in the export business so that they cede to us some part of their returns from their export proceeds so that they can help alleviate the problem.
“This is however additional money to what we are being allocated by the Central Bank, there is a serious challenge here and should that persist, we be forced to resort to massive load shedding,” said Chifamba.
ZESA owes Eskom of South Africa $ 18 million, Cahora Bassa of Mozambique $ 9 million and Dema power station $ 8 million.
The Zesa boss also said the first unit at Kariba South Expansion will go online in next year followed by the second in 2018.
The Hwange expansion requiring about $1.5 bln awaits financial closure while other projects that include the repowering of the country’s mini thermal stations are at difference stages of implementation.