What Do Markets Have to Do with It?

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Life stops when the electricity goes out, and that’s not just how it feels. The International Energy Agency says electricity consumption and GDP growth have historically gone hand in hand, particularly in emerging and developing economies. India and Southeast Asia are a clear example. Electricity use per person has risen rapidly over the past few decades, alongside a boom in economic development. In sub-Saharan Africa, electricity use per person has been essentially stagnant for more than 30 years. In 2023, electricity consumption per person in Africa was half that of India and 70% lower than Southeast Asia. The World Bank calls electricity “the bedrock of jobs, opportunity, and economic…