By Ranjit Singh, APR Energy Managing Director, Europe, Middle East and Africa.
Power shortages are estimated to cost the global economy over US$500 trillion in lost gross domestic product (GDP) each year. The shortages exist in both emerging and developed markets and are driven by factors ranging from rapid economic development and urbanisation in emerging markets to advanced ageing of power plants and infrastructure around the world.
Many countries face critical electricity shortages impacting economic growth, political stability, and quality of life. Unfortunately, new power plants often take three to five years to construct, and due to lack of accessible funding and project sponsors, many new permanent power projects cannot break ground. Consequently, countries endure blackouts and brownouts, and in many cases, provide no power at all to their constituents, leaving industries and private homes competing for the inadequate supply of power available.