Eskom Secures Approval for $34 Billion Price Hike in South Africa

Eskom has received regulatory approval from the National Energy Regulator of South Africa (Nersa) to implement a significant annual increase in electricity prices. This step allows the utility company to raise rates by up to 8.3 percent each year as part of its effort to recover a staggering 54.7 billion rand over the next three years.

The decision marks a critical moment for Eskom, which has been grappling with financial difficulties and operational challenges. The approved price hike is expected to impact consumers significantly, potentially leading to higher costs for households and businesses alike, while aims to stabilize Eskom's finances and enhance its long-term sustainability.