BEIRUT: Energy and Water Minister Gibran Bassil said Friday that Lebanon is incurring $6 billion in losses each year as a result of the problems plaguing the electricity sector.
Bassil, who was speaking in a conference on energy organized by the Issam Fares Center of Studies in Beirut, said this loss represents about 15 percent of the country’s GDP which now stands at $40 billion.
“Solving the electricity crisis is a central issue for Lebanon and any laxity in fixing this problem will have negative economic and social consequences,” the minister argued.
He added that $4 billion of the electricity losses covers the cost of fuel oil and gasoil which run the country’s aging power plants.
For more, please see this: http://www.dailystar.com.lb/Business/Lebanon/2011/Dec-17/157145-electricity-woes-costing-lebanon-$6-bln-a-year.ashx#axzz1ggQIpTbB