Johannesburg - Loadshedding has cost Johannesburg’s electricity utility City Power almost R60 million in the past four months.
City Power announced on Thursday the financial impact experienced between October 16 last year and January 5, 2020 due to the intermittent loadshedding.
According to City Power, it lost R43.6m in potential profit, another R14m due to equipment failure and R1.2m it paid in overtime.
"City Power’s losses were felt mostly in three potential areas, which are staff overtime, as we are forced to avail technicians and operators after normal working hours to ensure restorations are done after load shedding,” the utility said in a statement.
Due to its aging infrastructure City Power has seen an increase in areas taking long to restore due to a surge of currents and explosions.
City Power receives its electricity supply from Eskom and is obliged to help the national utility to save a certain amount of electricity in order to avoid a total shutdown of the system.