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The state-owned utility said the increase is needed to prevent it from returning to the authorities for further financial help.
The deal with Karpowership to supply electricity to the country is “dead in the water”, the electricity minister said.
South Africa has recorded the 200th day of constant electricity supply since Eskom halted load shedding in March.
Eskom has been using diesel-fuelled auxiliary turbines extensively to stave off power cuts.
Government is considering measures to offset a proposed power-price hike, including delaying plans to raise carbon taxes.
South Africa is running out of power lines to transmit electricity from new projects, an official has reiterated.
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Eskom has marked another milestone in the recovery of its generation performance: six months without load shedding.
Eskom is seeking a jumbo electricity price hike, spelling good news for its creditors but pain for consumers.