It's short for , which we can see in sense ② in Daijirin:
> ②
Here, means "abbreviation". And of course, {} means both "electricity" and "[electric] light". Why does have this meaning? Well, most dictionaries don't say, and I suppose _this_ could be simple metonymy, but when we look up in , we find:
> ③⇨{}
So we could consider as indirectly short for {} "electric" {} "light" "stand".