(PLO)- The hydroelectric power plant lacks water, causing the country to fall into a serious power shortage.
According to Reuters news agency, Venezuelans are suffering from frequent power outages. Power failure means that people have to suffer from heat because there is no electricity to run air conditioners, more seriously, factories are interrupted.
Venezuela is an oil-rich country, but its electricity supply comes from hydroelectricity. Low water levels due to the current drought have caused hydropower plants to not produce enough capacity while demand has increased due to the heat. The gap between supply and demand causes the current shortage of electricity.
The country also has gas and oil-fired power plants, but maintenance and repair work is having problems making it difficult to supply electricity. The most worrying thing is that the power system is at risk of being shut down whenever demand exceeds 12,000 Megawatts (MW).
In 2019, Venezuela’s electricity system crashed and caused the whole country to lose power for 4 days.
Gold is likely to be sold off?
(PLO)- Gold prices are unlikely to rise sharply because of the hurdles from two Fed rate hikes from here to the end of 2023.
According to Reuters