Inadequate power supply can be a horror for any business because a business depends on power to run its operations. Large companies, for instance, cannot function without the use of items such as computers, manufacturing equipment, and lights. So, when there is inadequate power supply, unplanned downtime can occur. This can cost a business a significant amount of money. Inadequate power supply can generally lead to situations from which it may be difficult to recover.
Adequate power supply is a major concern for businesses around the world. Unreliable electricity supply and high tariffs can be hurdles to entrepreneurial activity. According to 2017 World Bank Enterprise Survey data for 136 economies, business owners find electricity services as the fourth biggest obstacles to their activities. (http://www.doingbusiness.org). Most affected by the erratic power supply are small business owners who are still struggling to have a foothold in the highly competitive business terrain of Nigeria.
Apart from downtime, many other losses can occur because of inadequate power supply. This can impact on the bottom line and affect ongoing business operations. In today’s world, even a short-term loss of power can lead to substantial loss in a variety of industries. Therefore, finding a reliable power supply vendor will help your business mitigate the potential losses that can occur because of power supply instability. A broad range of variables should be used to determine the reliability of electricity supply. These include the electricity generation adequacy, the condition of power system infrastructure, financial and operational performance, energy sector regulation, etc.
Electricity services are among the most regulated areas of economic activity. Research has shown that sector performance is linked to the quality of regulatory institutions. Thankfully, the Nigerian Electricity Regulatory Commission (NERC) has developed policies which enable the establishment of private power supply companies such as LuxxorPower.