South Africa’s growth outlook dimmed when utility Eskom announced unprecedented levels of blackouts. The power utility cut up to 6 000 megawatts of power from the national grid after heavy rain and flooding triggered failures at its Medupi power station.
The cut is the largest since Eskom introduced a programme of rolling blackouts in 2008, rattling already shaky investor sentiment towards the country.
Eskom board chairperson Jabu Mabuza says they are not oblivious of the impact of loadshedding on the economy.
“Undoubtedly it does affect the all of our lives, it affects business, it does affect sentiment and while at it, we are very grateful that part of the things we are doing is addressing some of the problems… but also, on the demand side we’ve been very grateful that some of our major industrial customers have come to the party. So, I’m never unaware of the impact on the economy, that is why we are doing all we can to minimise all this.”
How is stage six loadshedding affecting you?
— SABC News Online (@SABCNewsOnline) December 9, 2019
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Source: SABC News (sabcnews.com)