Eskom applies for 20.5% electricity price hike in 2022

Eskom applies for 20.5% electricity price hike in 2022

Source : https://businesstech.co.za/news/energy/545334/eskom-applies-for-20-5-electricity-price-hike-in-2022/amp/

Eskom chief financial officer Calib Cassim has confirmed that the state-owned power utility has applied for an electricity price increase of 20.5% for its 2023 financial year, set to take effect from 1 April 2022.

The company confirmed the information following a press statement from the National Energy Regulator of South Africa (Nersa), which Eskom said misrepresented its application.

Earlier today, Nersa issued a statement revealing that Eskom’s revenue application amounts to R279 billion for 2022/23, R335 billion for 2023/24, and R365 billion for the 2024/25 financial year.

“Nersa has published Eskom’s fifth Multi-Year Price Determination (MYPD 5) revenue application for the 2023–2025 financial years,” Eskom said in a statement on Wednesday.

“However, Nersa has misrepresented Eskom’s revenue application to include various matters that are still under consideration by both the courts and by Nersa itself.”

“The recent High Court judgement 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.”

Nersa’s statement from earlier today also announced the timelines to process Eskom’s Fifth Multi-Year Price Determination (MYPD5) revenue application for the 2022/23 financial year.