South Africa Cash-strapped Eskom wants to hike electricity prices by 35 percent a year for three years, to help it raise 385 billion rand ($50.38 billion) to build more plants and avoid the blackouts that crippled the vital mining industry in 2008.
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 ageing power stations.
South Africa’s government bonds gained after the announcement
via UPDATE 1-S.Africa Eskom gets price hike, inflation fears rise | Reuters.
Sphere: Related Content
