JOHANNESBURG - The National Energy Regulator of South Africa (Nersa) on Thursday granted Eskom R32.69 billion following its regulatory clearing account (RCA) application for the multi-year price determination period from 2015 to 2017.
The cash-strapped power utility had applied for a 19.9 percent tariff hike to recoup R66.7-billion in additional revenue which is opposed by civil society, businesses and the public at large.
Eskom said that it has noted the energy regulator's decision and will give a detailed comment once the reasons for decision have been shared.
Calib Cassim, acting chief financial officer said Eskom made the application guided by the principles embedded in the multi-year price determination methodology in making regulatory clearing account applications.
"We adhered to these principles and in addition, we applied the principles of the Nersa RCA decision on our RCA application for the 1styear of the MYPD 3 period in 2016," Cassim said.
"We will be able to fully understand the basis of the decision once we have gone through the reasons for decision."
Meanwhile, thousands of Eskom workers are currently embarking on a picket at the utility's power stations and headquarters as they demand up to 15 percent increments while the power utility is refusing to offer any increases.
African News Agency