A formula for failure in South Africa’s richest city

A recent shake-up in South Africa's power distribution has left many questioning the city's financial stability. As of 48 hours from collection, City Power will be transferring 70% of electricity revenue to itself, with the remaining 30% going to the City of Johannesburg, which will continue to collect payments from customers. This unprecedented move has raised concerns about the city's ability to manage its debt, with an internal overdraft of R19.1-billion on the books.