South African retailer TFGZA lost 99 000 trading hours in the three months through September because of rolling blackouts. Moneyweb CompanyNews
South African retailer The Foschini Group lost 99 000 trading hours in the three months through September because of rolling blackouts. The total for the first half of TFG’s financial year was 132 000, according to a trading update published on Tuesday. Read all our load shedding coverage here. The Cape Town-based clothing chain’s announcement highlights the impact power cuts have on businesses in Africa’s most industrialised economy.
Despite installed capacity of more than 40 000 megawatts, state-owned Eskom Holdings struggles to keep the lights on due to old coal-fired plants that keep breaking down. The utility has implemented electricity rationing on 54 days of the third quarter and on 140 days this year.