A sluggish economic performance this year, marked by company closures and job losses has seen more people struggle to settle their utility bills.
Zimbabwe power company mulls selling $1 bln customer debt
HARARE (Reuters) - Zimbabwe's state-owned electricity distribution company is considering selling $1 billion in debt owed to it by defaulting customers, its managing director said on Monday.
Workers paint an electricity pylon near Lymm, northern England February 18, 2015. REUTERS/Phil Noble
"We are thinking of selling our debt at a discounted rate," Julian Chinembiri, the power firm's managing director, said.
"Our customers owe us $1billion. We need to negotiate selling the debt so that we can get our money early," he said without giving further details.
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) purchases power from the Zimbabwe Power Company (ZPC) and sells it to customers.
ADVERTISEMENT
To improve revenue collection, ZETDC is in the process of installing pre-paid metres forcing customers to pay for electricity before they use it, Chinembiri said.
On Monday ZPC said it was generating 1082 megawatts of electricity compared to 801 MW last week after shutting the Hwange plant due to technical faults.
Hwange, which has a capacity of 920 MW was producing 392 MW. Zimbabwe has a peak electricity demand of 2,200 MW.
Chronic power cuts lasting up to 18 hours a day are regular in Zimbabwe, forcing local industries to use costly diesel generators to keep operations running. Electricity shortages have been blamed for keeping away potential investors.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
No need to run when EFCC invites you, Cubana Chief Priest advises Nigerians
Immigration places wanted Yahaya Bello on watchlist, unveils his passport details
Oyo govt justifies demolition of Yoruba Nation agitators’ building
NAFDAC raids popular supermarket in Abuja for selling counterfeit products
Iranian morality police crack down on women who don't wear headscarves
FG sets up committee to compensate landowners affected by Lagos-Calabar road project
Kano Gov remains a bona fide member of our party - NNPP debunks suspension
We need ₦3.2trn to pay electricity subsidy in 2024 - FG
Tinubu's proactive approach to security threats yielding results, Ribadu claims
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT
![The woman was recorded, among others, while bathing [BI]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "The woman was recorded, among others, while bathing [BI]")