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Nigeria’s grid collapses weeks after tariffs raised for wealthier consumers

Nigeria’s grid collapses weeks after tariffs raised for wealthier consumers

NIGERIA'S creaking grid collapsed for the fifth time this year in the early hours, highlighting the country's inability to provide reliable power less than two weeks after raising tariffs for wealthier consumers by 230%. A fire erupted at a power generating station in the south just before 3 a.m. (0200 GMT), the state-owned power transmission company said, plunging large parts of the country into darkness. The system was restored by the early afternoon, the Transmission Company of Nigeria (TCN) said. It gave no detail on how many people were affected, but there were angry comments across social media. "The way…
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South African catastrophes, power woes signal end of cheap insurance

South African catastrophes, power woes signal end of cheap insurance

THREE major jolts in as many years coupled with the once unthinkable possibility of a power grid collapse have spooked reinsurers in South Africa, spelling an end to cheap coverage in the continent's most developed insurance market. Insurance premiums are climbing worldwide on the back of rising inflation and interest rate hikes. But reinsurance rates in South Africa are outstripping the global trend - in some cases tripling - as insurers grapple with an unprecedented claims load, six industry executives told Reuters. That's largely down to heavy payouts for business interruption claims in the first year of the pandemic, damage…
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