February 24, 2010 / 10:38 AM / 7 years ago

SAfrica grants Eskom 24.8 pct price rise for 2010/11

PRETORIA, Feb 24 (Reuters) - South Africa's power regulator on Wednesday granted state-owned utility Eskom a 24.8 percent tariff increase for the 2010-11 financial year, falling short of the power firm's request of a 35 percent hike.

For the following two financial years, Eskom was granted increases of 25.8 percent and 25.9 percent respectively.

State-owned Eskom [ESCJ.UL] applied for the tariff increase to help foot a 385 billion rand ($50.08 billion) bill to build new power plants in the world's top platinum producer and a major producer of gold.

Eskom, which provides 95 percent of the country's power, has been battling an electricity shortage since January 2008, due to a lack of investment in new capacity and an ageing fleet of power stations. (Reporting by Agnieszka Flak; Editing by James Macharia)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below