Outage: Investment Shortfalls in the Power Sector in Eastern Europe and Central Asia

Ani Balabanyan, Edon Vrenezi, Lauren Pierce and Denzel Hankinson

No 2284 in World Bank Publications - Books from The World Bank Group

Abstract: Before the onset of the global financial crisis in late 2008, countries in Eastern Europe and Central Asia (ECA) experienced strong economic growth. Demand for electricity increased steadily with gross domestic product (GDP). GDP grew, on average, 6.5 percent between 2000 and 2007, and electricity consumption per capita grew 2.75 percent. Meanwhile, energy security and supply reliability were a growing concern for policymakers and planners. Despite increased access to financing through the opening of international financial markets, under-maintenance of old soviet-era power sector infrastructure created a backlog of critical investments threatening the stability of the sector. As a result, a gap between demand and available supply capacity was beginning to emerge. This report analyzes the impacts of the financial crisis on power sectors in the ECA region through the experience of five countries (the study countries); Armenia, the Kyrgyz Republic, Romania, Serbia, and Ukraine. The report's objective is to help policymakers in the region plan and prioritize electricity sector investments in the wake of the financial crisis, and to provide a basis for future discussions about World Bank assistance.

Keywords: Finance; and; Financial; Sector; Development-Debt; Markets; Private; Sector; Development-Emerging; Markets; Macroeconomics; and; Economic; Growth-Climate; Change; Economics; Finance; and; Financial; Sector; Development-Access; to; Finance; Energy-Energy; Production; and; Transportation (search for similar items in EconPapers)
Date: 2011
ISBN: 978-0-8213-8738-2
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Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbpubs:2284

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