INSUBCONTINENT EXCLUSIVE:
President Daniel Noboa of Ecuador announced on Tuesday the removal of state electricity subsidies for mining companies
This decision comes as the South American nation grapples with an energy crisis causing daily blackouts of up to 10 hours due to severe
drought conditions.Noboa shared the news on his X (formerly Twitter) account, stating that he made this decision alongside Energy and Mines
that mining companies in Ecuador consume more energy than a hospital requires to operate
Despite this high consumption, their electricity rates have been subsidized by the state, creating an imbalance in the energy
and support.Ecuador has been experiencing massive power cuts since September 23, lasting up to 10 hours daily
This situation stems from the worst drought in six decades, which has severely affected the reservoirs of major hydroelectric plants.The
energy crisis has been exacerbated by a lack of maintenance and investment in the electricity sector
Ecuador faces an energy deficit of 1,080 megawatts
This shortfall has significantly disrupted daily activities, work, and productivity throughout the country, affecting various sectors of the
economy.The business sector estimates a loss of $12 million for every hour of nationwide power disconnection
Industry leaders have warned of potential impacts on employment and overall productivity as the crisis continues.Energy Minister Manzano
predicted on Monday that the blackouts would likely continue until December due to the persistent lack of rainfall in the country
