Eskom’s recent proposal for a 44% electricity price increase will add financial pressure on consumers across South Africa and could hinder the progress of the country’s energy market reform.
Neil Roets, CEO of Debt Rescue, voiced serious concerns over Eskom’s proposed 44% electricity price hike, warning about its potential impact on consumers. He pointed out that recent positive developments, such as reductions in interest rates and fuel prices, could be swiftly reversed if the tariff increase goes ahead.
The Unbearable Burden on Consumers
Roets highlighted the gravity of the situation, noting that electricity prices have increased by more than 500% over the past 16 years. “Expecting consumers to bear the brunt of Eskom’s operational failure while already reeling from the country’s cost-of-living crisis is simply untenable,” he stated, cautioning against the dire socio-economic effects that could follow from such significant hikes.
Financial Strain on Millions of Households
“Millions of households are hovering on the brink of financial ruin, with 55% of the population living below the national upper poverty line,” Roets added, underscoring the precarious financial state many South Africans face amid rising costs.
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