With Government’s E200 million bail out still not forthcoming, financially struggling Eswatini Electricity Company (EEC) is E231.1 million in the red.
This was revealed by Acting EEC Managing Director Mphumuzi Maziya when addressing members of the Editor’s Forum in a breakfast meeting held at Sibanesami Hotel on Tuesday morning.
Maziya said the company’s revenue increased from E2.50 billion in 2020 to a projected E3.30 billion in 2026. 
However, the growth in revenue has not translated into improved profitability.
Maziya said the downward spiral is reflected in the operating profit which stood at E501.5 million in 2020 but now operating loss of E406.8 million projected for 2026.
“Right now, we are at E231.1 million loss and this projected 2026 loss follows a net loss of approximately E80.4 million in 2025, indicating a significant worsening in the company’s bottom line,” he said.
Maziya said the financial challenges which have forced the company to implement measures aimed at cutting operational costs has been made worse by vandalism and copper theft.
He said copper theft had cost the company a sum of E2.33 million during the 2024/25 financial year and another E1.7 million was lost in 2025/26.
“The figure does not include the other costs associated with vandalism such as labour, lost revenue and service disruptions,” he added.
Maziya also revealed that proportion of EEC costs as of March 2026 stands as follows: 66 per cent is spent buying electricity outside the country, five per cent is spent on network, eight per cent other costs,
eleven per cent on salaries, three per cent on VAT with depreciation standing at seven per cent.
Maziya stated that as part of the short-term turn-around strategy they will invest on Grid strengthening, reducing faults, reducing import costs/cost of sale through more affordable and clean local energy.
