撒哈拉以南非洲电力公司财务业绩不佳的原因是什么？（英）

Policy Research Working Paper11257What Underlies the Poor Financial Performance of Electric Utilities in Sub-Saharan Africa?Govinda R TimilsinaDevelopment Economics Development Research GroupNovember 2025 Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedProduced by the Research Support TeamAbstractThe Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.Policy Research Working Paper 11257This study investigates the factors responsible for the poor performance of 67 electric utilities in 47 countries, using descriptive data from the World Bank, the International Energy Agency, the U.S. Energy Information Administra-tion, and national sources. The findings show that both cost-side and revenue-side factors are responsible for the poor financial performance of electric utilities. More than two-thirds of vertically integrated utilities and electricity distribution utilities are unable to cover their operational and debt service costs by their revenues. The main causes of the poor financial performance are high fuel costs (par-ticularly oil), low capacity factors, low capital and labor productivity, high transmission and distribution losses, and leakage in electricity bill collections. The study finds that in these countries, despite their much lower per capita income, consumers face relatively higher electricity tariffs than in many countries around the world. The study also finds that if the transmission and distribution losses were reduced to the current level of South Africa (11 percent) and the leakages in bill collection were eliminated, several electric utilities that are currently operating at a loss would have higher revenue than their operational cost. The findings indicate that policy makers in the region should focus on a portfolio of policies, including switching from expensive generation to emerging cheaper options, improving factor productivities, having efficient institutions and governance, reducing transmission and distribution losses, improving bill collection, and reforming tariffs. The policy priorities could vary across countries, depending on the roles of var-ious factors contributing to poor financial performance.This paper is a product of the Development Research Group, Development Economics. It is part of a larger effort by the World Bank to provid