ESKOM 2024 price hike coming soon
That’s right; after South Africa endured its worst-ever year of load shedding, a big Eskom 2024 price hike is on the cards. Here’s more…
South Africans are up in arms over an upcoming Eskom 2024 price hike after the country had to endure its worst-ever year of load shedding. 2023 shall be known as the year South Africa was plunged into darkness after suffering a record 332 days of load shedding.
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Nevertheless, the bankrupt power utility is adding insult to injury and making South Africans foot the bill with a double-digit Eskom 2024 price hike. This forms part of Eskom’s Multi-Year Price Determination (MYPD5), which will see electricity tariff increases in 2023, 2024 and 2025.
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ESKOM 2024 PRICE HIKE
The repeated tariff hikes were approved by the National Energy Regulator of South Africa (NERSA) in spite of an application by the Democratic Alliance (DA) to the High Court to have them reviewed.
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In December last year, the Eskom 2024 price hike was effectively approved when the High Court found the following, reports Business Tech. “All relevant factors have been considered, the conclusions reached were neither arbitrary nor irrational, and the issue of cross-subsidisation was considered at the appropriate stage,” judged the High Court.
ELECTRICITY TARIFF INCREASE IN 2024
This clears the way for NERSA’s approved 12.74% hike, which comes into effect in April 2024. You’ll recall the uproar over an 18.65% increase in electricity prices at the same time last year. Frustratingly, the increases are going ahead despite Eskom failing to meet key conditions set out by NERSA.
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Eskom is underperforming and failed to meet the following criteria in 2023:
| Criteria | NERSA | ESKOM |
| Breakdowns | 20% | 33% |
| Energy availability | 65% | 55% |
| OCGT Load factor | 6% | 20% |
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You can click HERE for an estimation of what your electricity will cost after the April 2024 price hike. In closing, energy experts believe the Eskom 2024 price hike will eventually be the downfall of the state-owned enterprise. The door is now open for alternative energy suppliers to out-price Eskom.
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Can you believe we’re in for a Eskom 2024 price hike? Be sure to share your thoughts with our audience in the comments section below. And don’t forget to follow us @TheSANews on X and The South African on Facebook for the latest updates.