“…Conversely, other studies have shown that intermittent, unreliable electricity, and unexpected outages or surges can hurt firm performance. Power outages cost businesses in terms of lost sales (e.g., Allcott, Collard-Wexler, and O'Connell, 2015;Beenstock, Goldin, and Haitovsky, 1997;Adenikinju, 2005) as well as equipment damage, as documented by Foster and Steinbuks (2009). Alam (2013) provided evidence of heterogeneity in the effect of outages, showing that power outages lower profits and output of some electricity-intensive industries in India, but not across the board.…”