Power cuts due to load shedding have reduced the potential size of South Africa’s economy by almost a fifth since they started being imposed around 2008, according to an energy specialist at Africa’s biggest fund manager. | News24_Business
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Outages can be expected every week this year and if the inadequate electricity generation situation isn’t addressed the prospects for economic growth will be dismal, Lungile Mashele, sector specialist for energy and infrastructure at the Public Investment Corp., told a conference in Johannesburg on Thursday.
Mashele, whose organisation manages R2.55 trillion, said outages are affecting everything from the timing of surgeries and the slaughtering of chickens to mining production volumes. No power, no electricity – everything shuts down.Marginal underground precious metal mines may close, leading to lower export earnings and job losses.
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