The decision of the National Energy Regulator of South Africa (Nersa) to reject Eskom’s revenue applications for the three-year period from 2022/23 to 2024/25 has created ructions. The decision is based on the fact that Nersa is reviewing the current methodology, which it says has failed to deliver stable prices. However, the review is yet to be finalised, making it impossible for Eskom to make a new application in time for implementation on April 1. The regulator’s timing seems badly off.