The decision was taken to allow it to ramp up production and improve supplies amid daily power cuts.
Essentially, the electricity company needs more money to pay for things like diesel to power the generators.
Zimbabwe is grappling with the worst economic crisis since the 2017 coup which unseated President Robert Mugabe.
The increase in electricity prices – the second in the past three months – has angered Zimbabweans who are already struggling with sharp increases in the prices of fuel and basic goods.
The government says rolling power outages, which last up to 18 hours a day, have affected mines, factories and households.
It says the power shortages, combined with a devastating drought, mean Zimbabwe’s struggling economy is set to shrink this year.