Eskom has attacked media reports for overstating the cost of Medupi and Kusile. But its own figures answer a much narrower question - and its refusal to disclose what is excluded raises a more serious issue of transparency and accountability.

Eskom's 10 September 2026 media statement says Kusile's "approved construction budget" remains at R160.5-billion, with R155.5-billion spent, while Medupi's approved construction budget remains at R145-billion, with R131.1-billion spent. It then criticises Daily Investor and MyBroadband for citing much higher figures of R233.4-billion and R176-billion, respectively.

By presenting its own narrowly defined approved construction budgets as if they settle the question of what these projects have actually cost, while omitting major capital and consequential cost items, Eskom creates a materially incomplete and misleading picture.

The questions Eskom will not answer

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On 15 September, in response to Eskom's media statement, EE Business Intelligence requested clarification as to whether its Medupi and Kusile cost figures included the following direct capital costs incurred (or still to be incurred) by Eskom:

Owner's development costs, including water supply costs, and grid upgrade and connection costs for evacuation of the power generated;Capitalised interest during construction;Rate-of-exchange variation claims, cost price escalation claims, claims for scope variations and extra work, and settlement of all outstanding and disputed contractor claims; andCost of flue gas desulphurisation (FGD) plant at Medupi to comply with South Africa's SO2 minimum emission standards committed to by Eskom in terms of a World Bank loan....