Bank estimates $22m loss due to power cuts last year

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The power blackout in Honiara last year has cost business around $22m, CBSI said.

Honiara experienced severe power cuts that went for months last year as Solomon Power experienced generator breakdown which took long to repair.

The bank which released its 2023 Annual Report this week said on average, the quarterly sales of electricity by Solomon Power hovered around 20,100 KWH mark prior to the power supply disruptions. 

In the third quarter of 2023, total electricity sold was 17,978 KWH, 10% below the quarterly average. 

CBSI estimated a real GDP loss of $22 million, although the impact was short-lived as electricity sales picked up significantly in Q4 2023 to 21,724 KWH following the hosting of the Pacific Games.

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