ZESCO has $3.5 billion debt – Kapala

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ZESCO Limited’s heavy indebtedness has been laid bare with the utility company owing US$3.5 billion as at September 2021. In a ministerial statement to Parliament today on ZESCO’s debt position and measures being put in place to improve the utility’s financial position, Energy Minister Chibwe Kapala says ZESCO’s debt is largely due to costly emergency power imports and increased use of independent power producers generated power which is at a higher tariff. Mr Kapala says the imported power was procured at triple the price of ZESCO’s average electricity selling price, and that the differential was not passed on to customers through an upward tariff adjustment.

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