The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) Industrial and domestic debts have spiralled out of control with a bill of over $15 billion.
The spiral of debts left ZETDC executives doubting if they are running a commercial enterprise.
“We know that in the development of the economy we need to be part of the game, but there is one challenge, people are not paying their bills. I know when we get our debtors to book everybody wonders whether we are in a business or not because we are owed so much,” the acting managing director Howard Choga said.
He also went on to say that the rate of inflation is very high hence it affects them as they are getting revenue which is far below the cost of living.
“Because of inflation and exchange rate we are getting revenue which is far below cost-effective. We receive that in local currency and we spend it on the market which is black market-related in terms of costs and we lose so much.” He added.
ZETDC is the flagship unity of national power utility, ZESA holdings which says it is owed over $15 billion by customers.
Apart from high-level defaults, the firm is crippled by non-viable tariffs set by the regulator according to acting managing director Howard Choga.
Meanwhile, the load shedding in the country is believed to be the result of the shortage of revenues among other things.
“We are (load shedding) because we don’t have enough power,” Choga said.
