State-owned company lost almost R1 billion building flats that are now completely empty and abandoned

• Eskom spent almost R1 billion on a housing development near Kusile Power Station that was never completed and has never housed a single worker, leaving 366 flats empty and abandoned.
• The project was originally budgeted at around R160 million, but Eskom disclosed an impairment write-down of R918 million related to the development, and the utility reported R4.9 billion in irregular expenditure incurred during the 2026 financial year.
• Discussions with the Department of Human Settlements are now focused on whether the abandoned development could instead be converted into social housing, and the utility's financial problems remain a concern despite recent improvement in its overall financial position.