Eleven private generator owners in Saida said they will shut down their operations from Friday. (Credit: M.A.)
BEIRUT — Generator owners in Taamer, Ain al-Hilweh and the surrounding areas, in Saida, announced Wednesday that they will shut down their generators on Friday morning until further notice due to “the heavy losses they incur due to the rise in the price of the dollar against the collapse of the national currency.”
Here’s what we know:
• In a statement reported by our correspondent in the area, the 11 owners deplored “losses due to the depreciation of the national currency on the parallel market against the dollar,” especially when they buy fuel oil, oil and spare parts, or pay invoices for maintenance work in dollars. They lamented that this has led to their “bankruptcy” and announced that they will shut down their generators from Friday morning “until a suitable solution is found.”
• Meanwhile, in the north, owners of private generators supplying the village of Qatin-Dinnieh also announced Wednesday that they will shut down their generators from Jan. 1, denouncing the “large rise in fuel prices,” according to the state-run National News Agency.
• On Tuesday, the local currency experienced an unprecedented low, reaching LL29,000 against the US dollar. On Wednesday morning, its value appreciated slightly, with the lira trading around LL26,500 to the greenback.
• Private generators, illegal but tolerated by the authorities, are used in Lebanon to compensate for power cuts during the long hours of rationing by the state power provider Electricité du Liban, against the backdrop of fuel shortages in the country. Subscription bills to private generators have skyrocketed in recent months.