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    TechCentralTechCentral
    Home»News»Electricity prices to rise by 12,7%

    Electricity prices to rise by 12,7%

    News By Sapa Reporter3 October 2014
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    eskom-640

    Consumers will be hit with a 12,7% electricity tariff hike next year, the National Energy Regulator of South Africa (Nersa) announced on Friday.

    Nersa approved Eskom’s plans to recoup losses after it had under-recovered money during the multi-year-price-determination 2 (MYPD2) control period between 2010 and 2013.

    “Nersa announced today [Friday] that it has approved the implementation plan of the Regulatory Clearing Account [RCA] balance of R7,8m for Eskom Holdings SOC Limited,” Nersa said in a statement.

    “The RCA balance will be a once-off recovery from the standard tariff customers as well as other Eskom customer categories and will only be implemented in the 2015/16 financial year.”

    This meant consumers would pay an extra four percent on top of the eight percent hike approved under the MYPD3 control period.

    “The implementation of the second multi-year-price-determination [MYPD2] RCA in 2015/2016 will result in an average tariff increase of 12,69% for standard customer tariffs from the eight percent approved in the MYPD3 decision of February 2013.”

    Nersa approved the RCA balance in July.

    The RCA is a regulatory mechanism that allows Eskom to adjust for over- or under-recovery of revenue, as initial price determinations are based on projections and assumptions.  — Sapa

    Eskom Nersa
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