A mere two months after the last widespread blackout to hit Venezuela, major parts of the nation are once again dark tonight as a power outage hit during President Maduro's evening address laying out his new economic philosophy (the inverse of Bernanke's):
- *MADURO SAYS VENEZUELANS MUST SAVE MORE, CONSUME LESS
The blackoutt has affected some of the nation's oil refineries (even though they are often powered by separate generator plants). Maduro himself said this evening's blackout cause was "strange," hinting at "sabotage" and not caused by excess demand (since the same substation that was sabotaged in September has failed). Perhaps it is time to spend what little discretionary reserves the nation has left on infrastructure instead of Samsung trinkets and military bonuses to keep the people at bay.
Blackouts reported in at least 11 Venezuelan states, state television reports (via Bloomberg).
• Western Venezuela, including states w/refineries Zulia, Falcon, Carabobo worst affected, says state TV
• PDVSA spokesman couldn’t be reached for comment
• Blackout caused by failure in same substation which plunged 60% of Venezuela into darkness for several hours Sept. 3, Electricity Minister Chacon says on state TV
• Sept. blackout caused by sabotage: Chacon
• At least 4 of Caracas’ 5 boroughs left without power
• Caracas power to be restored in one hour: Chacon
• President Maduro ends televised national address in presidential palace during blackout, says blackout cause was “strange”
• Power cut not caused by excessive demand: Chacon
The end result:
Before and After...
Some color on his new vision for the country which was being presented on national TV just before the blackout struk. Via Bloomberg:
Venezuela President Nicolas Maduro, speaking in national address on television and radio, says decree will be ready “within 24 hours.”
* Individuals will be able to open FX accounts in euros or dollars in state banks to import cars: Maduro
* Law decree will lower prices for used, new cars: Maduro
* Govt will set prices for new cars: Maduro
* Manufacturers must inform of weekly car production: Maduro
* Prices for used cars can’t exceed prices for new cars: Maduro
* Venezuelans must save more, consume less: Maduro
* Venezuela economy needs fair prices, reasonable profit margins: Maduro
Govt officials in Venezuela say power to come back online within the hour. Calling the blackout 'strange' and hints of 'sabotoge' they say— Gabriel Elizondo (@elizondogabriel) December 3, 2013