Zimbabwe quadruples electricity prices to fund power investment
INTERNATIONAL – Zimbabwe has increased the average electricity tariff by 320% to let the state power utility ramp up production and improve supplies at a time of daily rolling power cuts, the national energy regulator said on Wednesday.
Power cuts lasting up to 18 hours have hit mines, industry and homes and, together with a devastating drought, have been cited by the treasury as among the main reasons why the economy is set to contract by up to 6% this year.
However, the jump in power costs will further anger Zimbabwean citizens who have in the last week seen sharp rises in fuel and basic goods prices. Salaries have not kept pace, prompting citizens to blame President Emmerson Mnangagwa’s policies for the worst economic crisis in a decade.
Source: iol.co.za