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Government, labour, the ANC and community forums were represented at the summit.
Eskom and municipalities were told to protect the poor from the impact of the increases. Any Eskom increases should be more "poor-sensitive".
The tariff increases would not be introduced in one massive hike, but would be phased in over five years to reduce its negative impact.
Eskom would re-submit its application to the National Energy Regulator of South Africa (Nersa) on the proposed tariff hikes.
The summit delegates determined that government should pump more money into Eskom to maintain its financial health and credit rating.
The summit has appointed individuals such as ANC secretary general Gwede Mantashe, Cosatu's Zwelinzima Vavi, the SACP's Blade Nzimande and Public Enterprises Minister Alec Erwin to meet urgently and agree on the appropriate tariff increases to be spread over five years.
Nersa would be briefed on the outcome of the summit on Tuesday next week.
Members of the public could voice their opinions at Nersa's public hearings next Friday, the SABC reported.
Eskom should not be granted a price increase merely to compensate for previous under-performance, ANC secretary general Gwede Mantashe had said earlier."We must not allow that, we should look forward," he told a Nedlac summit on the electricity crisis.
South Africa had once had an over supply of electricity and used its low prices to attract investments.
Circumstances had changed but the economy could not afford a sharp spike in prices.
Individuals should also not have to bear the burden of this.
"The increases we come up with must be nominal," he said.
Key input into economy
Minerals and Energy Minister Buyelwa Sonjica said electricity price increases must be treated with sensitivity.
"It is a fact that electricity cannot be treated as another commodity; it is a key input into our economy and is a basic need for most households.
Any price increase therefore is to be treated with sensitivity and subjected to consultation with all the affected stakeholders."
The Congress of SA Trade Unions general secretary Zwelinzima Vavi said it pained him to say that they accepted that an increase was necessary.
"But we can't simply write a blank cheque for Eskom because they are telling us their costs are rising."
He said a better understanding of the issues behind Eskom's application for a 53 percent increase was needed.
Sapa