India’s worst power-grid failure in a decade exposed the urgency behind Prime Minister Manmohan Singh’s bid to attract $400 billion in investment and ease an electricity deficit that is holding back economic growth.
Seven states that are home to more than 360 million people were plunged into darkness early yesterday as power networks collapsed, possibly after too many provinces simultaneously purchased electricity beyond their scheduled allowance, Power Grid Corp. (PWGR) of India Chairman R.N. Nayak told reporters. It took about 15 hours for 80 percent of services to be resumed.
Source: Bloomberg. Read full article. (link)