Estimated reading time: 2 minutes
Eskom intends to raise electricity prices significantly as of next year. A decision that will not sit well with South Africans who will have to cough up more for the failing power utility.
The National Energy Regulator of South Africa (NERSA) has published Eskom’s fifth Multi-Year Price Determination (MYPD 5) revenue application for 2023–2025.
According to NERSA’s statement, “Eskom’s revenue application amounts to R279bn, R335bn and R365bn for the 2022/23, 2023/24 and 2024/25 financial years, respectively.”
To read NERSA’s Timelines to process Eskom’s Fifth Multi-Year Price Determination revenue application for the 2022-23 financial year, click here.
However, Eskom asserts that NERSA misrepresented Eskom’s revenue application by including various matters that are still pending before the courts and NERSA.
Additionally, Calib Cassim, Eskom’s Chief Financial Officer, confirmed that Eskom has applied for a 20.5% increase in electricity prices for the Financial Year 2023, beginning on 1 April 2022.
“The recent High Court judgment requires NERSA to process this MYPD 5 revenue application for the Financial Year 2023. The remaining two years’ application is still the subject of a court review application. This is referred to as the Part B of the review application,” Eskom says.
To view Eskom’s full presentation, click here.
What are your thoughts on this? Share your views in the comment section below.