{"id":35083,"date":"2022-11-20T22:56:12","date_gmt":"2022-11-20T22:56:12","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed"},"modified":"2022-11-20T23:20:12","modified_gmt":"2022-11-20T23:20:12","slug":"erb-tarrif-rates-for-mines-reversed","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed","title":{"rendered":"ERB TARRIF RATES FOR MINES REVERSED"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>CEC doesn\u2019t have to pay millions of dollars owed to ZESCO and the mines don\u2019t have to pay CEC\u201d \u25cf Lumwana alone doesn\u2019t have to pay $228million. In 2014, the Energy Regulation Board (ERB) announced the bulk supply agreement tariffs between Zesco and Copperbelt Energy Corporation was adjusted to 6.84 cents per KWh from 5.31 cents per KWh.<\/p>\n

The energy regulator approved a 28.8 percent electricity price increase for mining companies. All other mines supplied by Zesco had to adjust upwards to the new minimum tariff of 6.84 cents per KWh,\u201d.<\/p>\n

In addition, the tariffs for the mining companies were further adjusted to US cents 10.35\/kWh effective January 2016 through a separate negotiation process facilitated by the Ministry of Energy and Water Development.<\/p>\n

This was done despite the validity of their respective Power Purchase Agreements, and the need to adjust the tariffs in order to enable ZESCO survive The mines billed the mining companies the new tariffs of US<\/p>\n

Cents10.35\/kWh for the month of January 2016. But SEVEN mining companies sued ERB for allegedly unlawfully allowing Zesco and the Copperbelt Energy Company (CEC) to increase tariffs.<\/p>\n

CONSENT JUDGEMENT CEC Market Announcement \u2013 Consent Order in the Lumwana Mining Company Limited and seven others vs Energy Regulation Board (\u201cERB\u201d) and three others (\u201cThe 2014 ERB Tariff Matter\u201d)<\/p>\n

In accordance with Section 3.4(a) of the Lusaka Securities Exchange Listings Requirements (\u201cLuSE Listings Requirements\u201d), the Board of Directors of Copperbelt Energy Corporation PLC (\u201cCEC\u201d or \u201cthe Company\u201d) informs shareholders of the Company, and the market, that CEC has, jointly with the other parties, entered into a Consent Judgment in the matter where Lumwana Mining Company Limited and other mining companies contested, by way of judicial review, the ERB\u2019s upward revision of electricity tariffs in 2014.<\/p>\n

The Consent Judgment, entered on 7th November 2022, effectively and amicably settles the dispute between the parties and the obligations related to the claims in the matter.<\/p>\n

The consequence of the Consent Judgement on the Parties is the discharge of their respective obligations to pay and be paid the ERB\u2019s upwardly adjusted electricity tariff of 2014.<\/p>\n

Therefore, the Company\u2019s contingent liability, estimated at USD228.0 million, potentially payable to ZESCO and the corresponding contingent asset amount receivable from CEC\u2019s mining customers have effectively been eliminated.<\/p>\n

As prescribed in the Consent Judgement, the parties will make the respective settlement obligations through issuance of appropriate credit notes reversing the previously issued invoices, within 30 days of the said Judgment.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. CEC doesn\u2019t have to pay millions of dollars owed to ZESCO and the mines don\u2019t have to pay CEC\u201d \u25cf Lumwana alone doesn\u2019t have to pay $228million. In 2014, the Energy Regulation Board (ERB) announced the bulk supply agreement tariffs between Zesco and Copperbelt Energy Corporation was adjusted to 6.84 cents per […]<\/p>\n","protected":false},"author":84,"featured_media":35082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-35083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nERB TARRIF RATES FOR MINES REVERSED - Zambia<\/title>\n<meta name=\"description\" content=\"CEC doesn\u2019t have to pay millions of dollars owed to ZESCO and the mines don\u2019t have to pay CEC\u201d \u25cf Lumwana alone doesn\u2019t h ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ERB TARRIF RATES FOR MINES REVERSED\" \/>\n<meta property=\"og:description\" content=\"CEC doesn\u2019t have to pay millions of dollars owed to ZESCO and the mines don\u2019t have to pay CEC\u201d \u25cf Lumwana alone doesn\u2019t h ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-20T22:56:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-20T23:20:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/11\/postQueueImg_1668972416.35.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"465\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"ERB TARRIF RATES FOR MINES REVERSED\",\"datePublished\":\"2022-11-20T22:56:12+00:00\",\"dateModified\":\"2022-11-20T23:20:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed\"},\"wordCount\":420,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/11\/postQueueImg_1668972416.35.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/erb-tarrif-rates-for-mines-reversed\",\"name\":\"ERB TARRIF RATES FOR MINES REVERSED - 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