This early version of the report, which Eskom has refused to make public, was compiled by law firm Dentons and raised concerns about the management of the parastatal.
A second report, by auditing firm Deloitte, raised concerns about Eskom spending R10bn on emergency coal purchases in 2008 through "irregular" contracts.
The contracts were negotiated during the blackout period that crippled the country, wreaking havoc on homes and businesses.
Releasing the Dentons report, FM deputy editor Sikonathi Mantshantsha questioned Eskom's decision to release only "a heavily redacted version" of the report.
"Eskom has chosen not to provide this sort of transparency, but we believe it is fundamental for the South African public to judge for itself the evidence detailing the near-meltdown of the electricity parastatal," he said.
The report released by the Financial Mail finds that:
The full report can be viewed online at www.businesslive.co.za/fm.
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