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Monday April 15th, 2024

Power Crisis: Sri Lanka aiming to go for only renewable energy sources within ten years

ECONOMYNEXT – Sri Lanka is working on a plan to power the country using entirely renewable energy sources within the next decade, Power Minister Dullas Alahapperuma said.

Responding to questions from Opposition Parliamentarians Alahapperuma told Parliament today Tuesday, March 9, that currently, the government is dependent on oil-fired generators which are placed close to the city of Colombo and are part of the cause for high levels of air pollution.

He said the country is facing a crisis in power supply forcing it to resort to buying power from diesel and furnace oil-fired, privately-owned power plants.

“The crisis was averted somewhat because of the Covid situation which saw a drop in power consumption,” he said.

“Since 2013 no major stable power plant has been joined to the grid,” he said.

He said wind and solar power generating facilities are being expanded with wind plants being equipped with battery storage units to ensure a continuing supply, Alahapperuma said.

He said several schemes are being launched to reduce consumption and increase generation from renewable sources.

“We are planning to equip selected Samurdhi families with 5 kW solar panels they can install on their rooftops as another source of power,” he said.

He added that a scheme to distribute LED bulbs that consume less power to schoolchildren will also be launched.

Opposition Parliamentarians said that when the former government was in power MPs from the current government criticized the then government for purchasing expensive oil generated electricity from private sector providers.

“We were accused of giving in to the power mafia,” Opposition MPs said. (Colombo, March 9, 2021)

Reported by Arjuna Ranawana

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  1. Parakrama Jayasinghe says:

    These are very laudable comments if implemented. But the present action to install LNG plants without finalizing the source of supply of LNG, as well as the CEB planning many more such plants in gross contradiction to the Presidents 80% RE by 2030, does not in Minsitnspire much confidence on the Hon Ministers comments. The one way he can justify his claims is to gazette the target of 80% RE or even the watered down target of 70% RE without further delay. Then the CEB can’t take unilateral planning outside the national policy. Also the Minster must understand that LNG or even our NG cannot be considered as Clean Energy and should not be counted inside the RE targets. Natural Gas is neither clean nor renewable. It is only better than oil and coal in its emissions and if the present rice trends continue will not be cheaper too.
    However, we pin our hopes on the Minsters comments and request him to control the CEB to meet national targets

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Your email address will not be published. Required fields are marked *

  1. Parakrama Jayasinghe says:

    These are very laudable comments if implemented. But the present action to install LNG plants without finalizing the source of supply of LNG, as well as the CEB planning many more such plants in gross contradiction to the Presidents 80% RE by 2030, does not in Minsitnspire much confidence on the Hon Ministers comments. The one way he can justify his claims is to gazette the target of 80% RE or even the watered down target of 70% RE without further delay. Then the CEB can’t take unilateral planning outside the national policy. Also the Minster must understand that LNG or even our NG cannot be considered as Clean Energy and should not be counted inside the RE targets. Natural Gas is neither clean nor renewable. It is only better than oil and coal in its emissions and if the present rice trends continue will not be cheaper too.
    However, we pin our hopes on the Minsters comments and request him to control the CEB to meet national targets

Sri Lanka to discuss two contentious points with bondholders: report

ECONOMYNEXT – Sri Lanka and sovereign bondholders are to discuss two matters in the near future which the two sides failed to reach agreement at March talks in London, a media report quoting a top aide to President Wickremesinghe as saying.

Sri Lanka and bondholders had discussed four matters on restructuring international sovereign bonds in late March and agreement had been reached on two, President’s Chief of Staff Sagala Ratnayake was quoted as saying on state-run ITN television.

A restructuring proposal by bondholders was not in line with IMF requirements, and Sri Lanka had sent a counter proposal, he said.

The matters will be discussed at round of talks in the near future.

Sri Lanka was optimistic of reaching an agreement with the bondholders before June, officials have said.

According to matters already in the public domain, sovereign bond holders are keen to get a bond tied to dollar gross domestic product, as they feel IMF growth projections are too low.

In past re-structuring so-called value recovery instruments, a type of warrant, gave their owners extra payments if a country did better than expected and were tied to items like oil prices.

Bondholders had initially proposed bond which would have a lower hair cut initially, and it will have additional hair cuts if growth is low (about 3.1 percent) as projected in an IMF debt sustainability analysis. (Colombo/Apr15/2024)

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BIMSTEC Secretary General visits Sri Lanka, discusses regional cooperation

ECONOMYNEXT – The Secretary General of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), discussed measures to enhance regional cooperation, during his visit to the island last week.

Ambassador Indra Mani Pandey, Secretary General of BIMSTEC visited Sri Lanka from 07 – 12 April 2024, following his assumption of office as Secretary General of BIMSTEC in January this year.

The Secretary General “met with senior officials of relevant Ministries/Agencies to discuss measures to enhance regional cooperation under various BIMSTEC initiatives,” the Foreign Ministry said in a statement.

Several BIMSTEC countries have bilateral trade agreements, such as Sri Lanka and India, Thailand and Myanmar, Sri Lanka and Thailand, but no collective regional agreement to enable intra-regional leverage.

During the visit, Secretary General Pandey held discussions with Ministry of Foreign Affairs officials and paid courtesy calls on the President and the Minister of Foreign Affairs.

Secretary General Pandey participated at an event on “Regional Cooperation through BIMSTEC” organized by the Lakshman Kadirgamar Institute (LKI) on 9 April. (Colombo/April15/2024)

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Sri Lanka rupee closes weaker at 299.00/10 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 299.00/10 to the US dollar in the spot forex market on Monday, from 298.50/55 on Wednesday, dealers said, while bond yields were broadly steady.

A bond maturing on 15.12.2026 closed stable at 11.30/35 percent.

A bond maturing on 15.09.2027 closed stable at 11.90/12.00 percent.

A bond maturing on 15.12.2028 closed at 12.10/20 percent up from 12.10/15 percent.

A bond maturing on 15.09.2029 closed stable at 12.20/40 percent. (Colombo/Apr15/2024)

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