Cape Town Mayor Geordin Hill-Lewis tabled the City of Cape Town's 'Budget for Building Hope' for the fiscal year 2023/24 during a full council meeting on Wednesday.
Cape Town Mayor Geordin Hill-Lewis tabled the City of Cape Town’s ‘Budget for Building Hope’ for the fiscal year 2023/24 during a full council meeting on Wednesday. Mayor Hill-Lewis presented a draft budget of R69.9 billion, with a R2.3 billion commitment to mitigate loadshedding.Mayor Hill-Lewis expressed confidence that Cape Town would be the first metro to break away from loadshedding.
Loadshedding has reportedly already cost the city R390 million in the current fiscal year, the mayor said. This includes the cost of new generators, fuel, overtime, security, losses from theft, vandalism and fewer people buying electricity. This amount includes R220 million in independent power purchases over the next three years, as well as R288 million for the City’s Power Heroes programme, which incentivises Capetonians to use less power during peak hours to help prevent loadshedding stages.
According to the mayor, the City has budgeted R1 billion in the medium term to operate and maintain the Steenbras pumped-storage hydroelectric plant.
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