On January 12, the National Energy Regulator of South Africa (NERSA), a regulatory authority for the electricity supply industry in South Africa, approved the decision of the electricity public utility Eskom to increase electricity prices by 18.65% and 12.74% in the fiscal year 2023 and 2024, respectively.

After the hike in power prices, Eskom's revenue was expected to rise by R318 million and R352 million respectively for the two financial years.

Due to lower sales and higher maintenance and diesel expenses, Eskom’s net loss for the financial year ending March 31, 2023 was estimated to be around R20 billion. The company is also facing a debt of R396 billion, which may not be repaid without further financial support from the state.