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Zambia's low electricity prices scaring away investors: president

Xinhua, October 31, 2016 Adjust font size:

Zambian President Edgar Lungu said Monday that a number of investors wanted to invest in the country's energy sector but were discouraged by low electricity prices.

Facing power shortage, the Zambian government is currently inviting investors to invest in alternative sources of energy.

"There are a lot of people willing to come but the problem we have as a country is that of low price of electricity to attract investors," Lungu said on a live interview on state broadcaster, the Zambia National Broadcasting Corporation.

The Zambian leader said a lot of investors were willing to enter the energy sector once the subsidy on energy was removed and people started paying cost-reflective charges.

Zambia is facing a power shortage due to low water levels in its reservoirs, forcing the country to implement a power rationing program.

Experts have warned that it will take three consecutive years of good rainfall to fill up the reservoirs for power generation at Kariba Dam, one of the country's biggest producers of hydro power. Endit