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Penny wise pound foolish

HOW BAD CAN A POWER FAILURE BE?

There are examples and examples of huge monetary and physical losses-including loss of life- due to unexpected and ill-timed power outages and blackouts. We at Prolite, have gone blue in the face shouting from various rooftops and repeating again and again across various social media, and in-house platforms that prevention is the only best antidote to this menace.

The following news item dated 19th November, gives us a familiar sense of déjà vu but for many, it might yet make them reconsider their penchant for procrastination when it comes to prevention of disasters:

VICTORIA BLACKOUT SNUFFS OUT $770 MILLION OFF PETRO-COMPANY’S VALUE

A major blackout and poor refining performance forced petroleum company Viva Energy to drop its earnings forecasts, wiping $770 million off its value on Monday, 19th November. "The power outage in Victoria took out about a week's worth of production out of the system," Viva Energy chief executive Scott Wyatt said.

The market reacted negatively to the news, with the share price falling to its lowest point since listing in July. It dropped more than 16 per cent from its $2.05 closing price on Friday to $1.66 after the announcement on Monday.

The petrol refiner has had a significantly weaker than expected second half of 2018, as higher crude oil prices slimmed its refining margins and the company lost fuel production due to blackouts in late August.

The biggest demotivator that stops people from installing safety lights, signages and preventive paraphernalia is obviously the cost concerns. However, this has proved to be a classic “Penny wise Pound foolish” for many over ages across nations across continents. Saving a few coins is just not worth sacrificing peaceful sleep over possible disasters around the corner. And God forbid, if it actually happens to you, the rest of the life, if you are still alive, would be little for regrets. Viva Energy’s Scott Wyatt will surely agree on this point. So should you.