ESKOM PRICE HIKE COMING NEXT WEEK: NO APRIL FOOL’S JOKE!

As a reminder, Eskom’s 12.74% electricity price increase for the 2024/25 financial year will kick in on Monday, 1 April.

That’s sadly, no April Fool’s joke!

The National Energy Regulator of South Africa (Nersa) approved an 18.65% increase in electricity prices for 2023 and a 12.74% hike in 2024

Nersa’s decision relates to the fifth Multi-Year Price Determination (MYPD) for Eskom for year two (2023/24) and year three (2024/25).

The approved increase is lower overall than what Eskom had applied for, but is still significant – and far higher than inflation.

In September 2022, Eskom applied for a 32% price hike for 2023/24, and a 10% hike in 2024/25, equating to a recovery of R351 billion and R381 billion, respectively.

Nersa is allowing Eskom to recover R318 billion for 2023/24 and R352 billion for 2024/25.

According to Nersa the decision was taken against the backdrop of tough economic circumstances, including high interest rates, low growth, high unemployment and load shedding.

Eskom’s tools for analysing the changes can be accessed via its website.

It’s a rough period for South Africans with the latest fuel increases set to kick in next week as well, while there was no relief from the SARB with regards to interest rates.

Buckle up, South Africans, the ride just got a lot bumpier!

2024-03-29T08:23:01Z dg43tfdfdgfd