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Eskom Invokes Urgent Court Process Over Revenue Applica...

Business Maverick

Business Maverick

Eskom Invokes Urgent Court Process Over Revenue Application

Traffic passes the Kendal coal-fired power station, operated by Eskom Holdings SOC Ltd., in Mpumalanga, South Africa, on Thursday, Sept. 30, 2021. South Africa is under pressure to cut its dependence on coal -- which accounts for more than 80% of its power generation – but it needs finance to facilitate the transition to cleaner energy. Photographer: Waldo Swiegers/Bloomberg
By Bloomberg
18 Oct 2021 0

South Africa’s indebted Eskom Holdings SOC Ltd. has started court proceedings to review the regulator’s rejection of a price plan into 2025 that outlines how much the utility can charge electricity consumers.

The National Energy Regulator of South Africa on Sept. 30 called for a pricing methodology review and discarded the so-called MYPD 5 revenue application of Eskom, which is unprofitable and struggles under about 400 billion rand ($27 billion) of debt.

“This is impossible both from a legal process and timing point of view,” the utility had said. In rejecting the utility’s plan that runs through the 2024/2025 financial year, Nersa said it started a consultation process in the development of a new methodology “that will ensure sustainable electricity prices.”

A spokesman for the regulator didn’t immediately reply to a message seeking comment.

The latest court action “is the only available option to avoid extremely serious and negative consequences for Eskom and by necessary consequence to National Treasury,” the utility said.


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