남아공 에너지규제위원회(Nersa), 전기료 인상률 하향조정(25.9%→16%)

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남아공 에너지규제위원회(Nersa), 전기료 인상률 하향조정(25.9%→16%)
	남아공		2012-03-12
남아공 에너지규제위원회(Nersa)는 2012년 국내 전기료 인상률을 25.9%에서 16%로 하향조정했다. (이하 원문 참조) Nersa lowers 2012 power price increase from 25.9% to 16% The National Energy Regulator of South Africa (Nersa) has revised lower Eskom's power tariff increases for the period April 1, 2012, to March 31, 2013, from the 25.9% approved previously to 16%. In addition, Eskom and the Department Public Enterprises (DPE) indicated at the weekend that they would be moving to smooth the transition to cost-reflective power tariffs over a longer period and that they might, thus, request Nersa to offer pricing certainty over a longer period that the three years currently provided by the price-setting model. The surprise adjustment to the 2012/13 rates was made after the utility proposed that the average price increase for the period be lowered by 9.9 percentage points. This would translate into a R11.2-billion reduction in the allowed revenue requirement for the year to R130.3-billion, from the R141.4-billion approved previously. Nersa said in a statement that the adjustments for the reduction of revenues would be made up of a rephasing of equity returns to the shareholder of R8.1-billion, as well as a portion of the balance required from the Regulatory Clearing Account (RCA) of R3.1-billion. Fulltime regulatory member Thembani Bukula told Engineering News Online that the decision of the shareholder to forego its return on equity for 2012/13 was the key enabler of the downward revision. He stressed that Eskom would not forego its return on debt, as it still needed to pay bondholders. Nersa had noted deviations in the budgeted RCA against Eskom’s actual figures, which had arisen owing to a lower coal burn than anticipated as a result of lower-than-expect demand, as well as lower capital spending when compared to the initial budget. However, these deviations alone had not been sufficient to trigger a reopening of the tariff determination. The standard average tariff would rise to 60.66c/kWh under the newly approved increase and Eskom was now forecasting sales of 214 737 GWh for the period. Nersa also made revisions to the retail tariff increases, including the local authority tariff to be adjusted from July 1, 2012. It said the municipal tariff guidelines increase for the financial year 2012/13 was 11.03%. The move comes amid growing anxiety about South Africa's power price path, which many were cautioning could undermine the country's future competitiveness unless addressed. The 25.9% adjustment was approved under the second multiyear price determination period, or MYPD2, as one of three 25%-type increases for the period April 1, 2010, to March 31, 2013. Eskom had also previously indicated that it might even consider applying for two more increases in the 25% range under the MYPD3, which was due to run from April 1, 2013, to March 31, 2016. Such increases, it argued, were required to enable cost-reflectivity and to shore up its stand-alone credit rating, which was currently being underpinned by government guarantees. POLITICAL PRESSURE However, more recently it emerged that such a request had become both economically and politically unpalatable. Nevertheless, Nersa had initially expected government and Eskom to move to moderate their pricing applications during the MYPD3 application. However, Bukula said the intervention made by President Jacob Zuma in his State of the Nation address to Parliament in February appeared to accelerate the reassessment. Zuma revealed that he had asked Eskom to "seek options on how the price increase requirement may be reduced over the next few years, in support of economic growth and job creation and give me proposals for consideration". "We need an electricity price path which will ensure that Eskom and the industry remain financially viable and sustainable, but which remains affordable especially for the poor," Zuma said. Nersa also moved to postpone public hearings, scheduled for February 3, into its multiyear price determination methodology after receiving a letter from Energy Minister Dipuo Peters stating that government intended revising the electricity pricing policy. However, it was confirmed on Friday that there would be no change to the policy with government reaching consensus that the current policy, which was premised on a transition towards the long-run marginal cost over time, offering sufficient flexibility to meet the price-smoothing objective. Public Enterprises Minister Malusi Gigaba indicated that Zuma's call had added impetus to work that had been under way within Eskom and the DPE for some time – work that was designed to lessen price shocks on the economy, sustain Eskom's credit standing and offer long-term market signals to boost investor confidence. This work would now also inform the next tariff application to Nersa. Bukula was still anticipating that Eskom would submit its MYPD3 application by the latest July, as Nersa had requested at least six months to consider the application and to hold public hearings. An MYPD3 determination would be made by February 2013. Eskom CEO Brian Dames stressed on Friday that circumstances had changed since the time of the MYPD2 application submission and determination. He said the utility's financial and operational position had improved. In addition, Eskom had taken seriously the concerns being expressed by both industry and households about the potential of an affordability tipping being reached. This had led Eskom to agreed that there should be a greater smoothing of the power price path over a longer horizon than was currently provided by the regulatory process. However, Dames and his finance director, Paul O'Flaherty, stressed that the decision would not compromise the group's financial position, its capital investment programme, or its investment grade credit rating. Nevertheless, Eskom would engage on these issues with bondholders and the ratings agencies during a road show to the UK next week. Dames refused to be drawn on the nature of Eskom's MYPD3 application, but said it would seek alignment between stakeholders on the approach that should be adopted to create sustainability and predictability, while offering confidence to investors, as well as to the local and international bondholders currently funding Eskom’s expansion programmes. MINERS RESPOND Chamber of Mines president Dr Xolani Mkhwanazi welcomed the relief that the lower increases would offer to the local mining industry, which he said would contribute to lower input cost increases and could also encourage investment. But he noted that, at 16%, power tariffs were still rising well ahead of inflation and called on the regulator and the authorities to pay particular attention to the issue of continued business competitiveness when considering future increases. Mkhwanazi also questioned the advisability of increasing the levy on electricity levy generated from nonrenewable sources by 1c/kWh to 3.5c/kWh as announced in the February Budget. Business Unity South Africa (Busa) also welcomed the announcement of a rephasing in electricity tariff increases, which it said would assist in reducing the overall impact of administered prices on the inflation basket. Busa was also supportive of smoothing the transition to cost-reflective tariff. Gigaba appealed to businesses and local authorities to pass on the reductions in a ways that promoted job creation and economic growth. "For this lower price path to be sustained, the whole nation is going to have to subscribe to the country pact proposed by the President. Until Eskom’s new power stations are on line, we must all collaborate to reduce demand wherever possible, and make it a habit to use electricity wisely and efficiently," the Minister concluded.   - Research Channel Africa