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Eskom yields jump as court seeks SA power-price review

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(Gianluigi Guercia, AFP)
(Gianluigi Guercia, AFP)

Cape Town - Eskom’s bond yields climbed the most in more than two months after a South African court told the energy regulator to review its decision to allow the utility to recoup unforeseen expenses through higher electricity tariffs.

A group of companies in Port Elizabeth alleged it was unlawful for the National Energy Regulator of South Africa to give Eskom permission to get back expenses it hadn’t budgeted for in fiscal 2014 by raising tariffs an average 9.4% in April instead of the more than 8% initially allowed.

Those corporate customers, including light-alloy wheelmaker Borbet SA’s local unit, said the utility should have provided more regular updates on its financial situation, Eskom spokesperson Khulu Phasiwe said.

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