Search Site

Trends banner

Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

Fire at substation in Iraq sparks nationwide power outage

An Iraqi man works on cables of a private electric generators provider in Baghdad's Sadr City district. (AFP)
  • In spite of the country's vast oil reserves, Iraq continues to suffer from frequent power outages with its power grid incapable of meeting peak demand
  • The electricity ministry said in a statement that the power grid experienced a total shutdown due to a fire that affected a transmission substation

Baghdad, Iraq–A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks amid the searing summer heat.

Electricity is a sensitive political issue in Iraq as despite the country’s huge oil reserves, its dilapidated power grid is incapable of meeting peak demand and Iraqis endure hours-long outages every summer.

“The power grid experienced a total shutdown on Saturday at 12:40 pm (09:40 GMT) due to a fire that affected a transmission substation in Basra province,” the electricity ministry said in a statement.

Ministry spokesperson Ahmed Moussa told AFP that the outage affected the mains supply to “all of Iraq”.

The fire forced “the suspension of transmission lines” between the south and centre, and a halt to generation at power plants, the ministry said.

“Speedy repairs are under way… to gradually restart the power plants and transmission lines,” it said, adding that it was hoped the grid would be “back to normal within the next few hours”.

Rolling power cuts, which hit Iraq each summer and can last up to 10 hours a day, mean many households subscribe to neighborhood generators to provide back-up power.

But not all families can afford it and not all generators provide sufficient power for larger devices such as air conditioners to cope with summer temperatures that can hit 50 degrees Celsius (122 Fahrenheit) in Baghdad and the south.

Peak summer demand reaches more than 32,000 megawatts (MW) a day. This year, for the first time, Iraq generated 26,000 MW per day, according to ministry figures.