HomeBusiness DigestZesa needs US$1 billion for station upgrades

Zesa needs US$1 billion for station upgrades

Eric Chiriga

THE cash-strapped Zimbabwe Electricity Supply Authority (Zesa) needs US$1 billion to upgrade Hwange and Kariba power stations.

s-serif”>The Parliamentary Portfolio Committee on Foreign Affairs, Industry and International Trade made the revelations in its report on a rescue plan for industry and commerce made available last month.

“The Zimbabwe Electricity Sup-ply Authority power supply’s problems are impacting negatively on the operations of industry,” the report said.

It said to avert this problem Zesa requires about US$1 billion to expand Hwange and Kariba stations. The committee said it was informed that apart from constant power cuts and high tariffs, industry’s viability were threatened by an anticipated power shortage in three years’ time.

“Investors from Malaysia, India, China and Iran are willing to come on board once the question of security on their investments is guaranteed,” the report said.

Several investors are reluctant to invest in Zimbabwe mainly because of the political instability and poor economic environment.

The report also revealed that 35% of Zimbabwe’s electricity, which is imported, was not being serviced timely.

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