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How to reduce IT power consumption?

In 2008 we all got a shock when it suddenly became apparent, when power was cut, that Eskom had failed to plan sufficiently for South Africa's energy needs, and we were told that we were in danger of running out of reserve margin. For months, last year, we had "load shedding", with business experiencing lost productivity, and all of us spending more hours in traffic. Dire warnings were made, government talked about introducing penalties for heavy users and Eskom announced their intention of putting prices up by as much as 120%.