Ўзбекистон иқтисодчилари XIII форуми

Conclusion and policy implications 
In the study, we have enriched existing empirical studies examining the impact of power outages on 
firms’ performance and economic growth by adding evidence on Uzbekistan.
As Uzbekistan is transitioning to the path towards green economy through widespread adoption of 
environmentally-friendly technologies highly dependent on electricity as well as inclusive digital transformation 
across economic fields, exerting pressure to energy system and electricity prices. This will, in turn, exacerbate 
the incidence of energy poverty and emphasize the importance of access to reliable infrastructure, particularly 
electricity. Government, therefore, has to take decisive actions towards provision of liberal energy market, 
resilient electrical energy infrastructure, and abundant energy supply to meet rapidly growing demand and reach 
UN SDG Target 7.1 on ensuring universal access to affordable, reliable, and modern energy services by 2030. 
In this context, likewise other developing countries, Uzbekistan should not overlook private sector 
involvement in expanding power generation capacity. Private sector can play essential role in investments into 
infrastructure under private financing [4] because governments throughout the world cannot fully afford
complete the gap in infrastructure through its tax revenues or aids [43]. It is, therefore, highly important to 
actively encourage private sector throughout all stages of energy system: generation from renewable energy 
sources, transmission, and distribution of electricity to end-users. Unlike public sector projects, public-private 
partnerships can deliver infrastructure services more efficiently. For instance, since 1990, over 40% of new 
power generation capacity in developing countries are created by private sector [44]. Research studies point up 
for developing economies, such as Uzbekistan, potential efficiency gains in public investments could be 
relatively high due to greater magnitude of investment gaps [4]. 
1
USD/UZS exchange rate as of 31-Dec-2018 is assumed to be 1 USD = 8339.55 UZS 

---

207