The excitement from the Zambia Association of Manufacturers (ZAM) over Zesco’s assurance that load shedding will not return this year and beyond is understandable. Manufacturers have endured some of the most difficult operating conditions in recent years due to electricity shortages. Factories have lost production hours, businesses have incurred additional costs through diesel-powered generators, and investors have had to rethink expansion plans because of uncertainty in power supply. For a sector that depends heavily on stable electricity to remain productive and competitive, any assurance of uninterrupted power supply is naturally exciting news. However, while we appreciate the confidence being expressed by Zesco management, we believe such assurances should be treated with a measure of caution. Not because we think Zesco...