Loadshedding costing the country hundreds of millions daily: Economist

South Africa is currently losing between R700 million and R900 million a day due to the ongoing loadshedding implemented by power utility Eskom.

This is according to calculations estimated by economist Mike Schussler. The power utility has been implementing Stage 2 loadshedding since last week.

Eskom said this morning that some generation units have yet to return to service before load shedding can be suspended.

Schussler says loadshedding is costing the country dearly.

“That is a cost we cannot afford right now. We can catch up with some of it, of course. But during a pandemic, it’s going to be very likely that South Africa is again going to see a decline in its GDP in the first quarter of this year, which will be tremendous load to our ability to attract investment, create jobs and to get people fed and taxes in. It is truly worrying.”

In the video below, Schussler says the impact of load shedding is concerning:

Country to remain on Stage 2 loadshedding until further notice: Eskom

The cash-strapped power utility wants to manage emergency generation reserves and identify risks to the power system. It started implementing Stage 2 loadshedding last Thursday.

Eskom Spokesperson Sikhonathi Mantshantsha says more updates will be given this afternoon.

He says the country will remain on this level until further notice.

Mantshantsha added, “Eskom teams have successfully returned a generation unit each at Kriel, Grootvlei and the Duvha power stations.”

#PowerAlert 1

Loadshedding will be reduced to Stage 1 from 23:00 until 05:00, and back to Stage 2 tomorrow@News24 @SABCNews @NewzroomAfrika @eNCA @IOL @ewnupdates @SundayTimesZA @SowetanLIVE pic.twitter.com/7h8fiGPl0v

— Eskom Hld SOC Ltd (@Eskom_SA) January 17, 2021