Considering electricity utilization as the primary source for the firms to sustain and grow, this study examines the impact of an electricity shortfall on firms' access to financial leverage of 432 listed non-financial Pakistani firms from 2001 to 2020. The analysis uses pooled ordinary least squares (OLS), fixed effects (FE), and the generalized method of moments (GMM) and finds that an electricity shortfall adversely impacts access to financial leverage. This adverse effect increases with an increase in the intensity of the electricity shortfall and vice versa. The results suggest that capital structure is associated with the electricity supply to the listed firms.