Zambia’s energy regulator, The Energy Regulation Board approved a 28.8% increase in electricity prices for mining companies in the country.
The board said that the majority of the supply agreement tariffs between state power company Zesco and Copperbelt Energy Corporation would be adjusted to 6.84c/KWh from 5.31c/KWh.
The regulator said the power supply agreements between CEC, one of the largest suppliers of power to the mines, and its mining customers would also have to be increased by the minimum tariff of 6.84c/KWh. This means that power supply agreement tariffs between CEC and its mining customers will rise by an average of 17% over the recommended minimum tariff of 6.84c/KWh.
The President of the Chamber of Mines of Zambia, Emmanuel Mutati has spoken about the price increase as coming as a shock to the sector.