ECONOMYNEXT – Sri Lanka’s state-run Ceylon Electricity Board (CEB) has settled arrears payments amounting to four billion rupee from the previous year, Minister of Power and Energy Kanchana Wijesekera said.
“CEB has settled all its arrears payments up to the April 30 that was due to the Rooftop Solar Customers, amounting to Rs 4 Billion that was outstanding for the last 12 months. CEB will continue to make all other arrears payments to the Renewable suppliers, IPPs & other suppliers on a monthly payment plan & settle in full in the next 6 months,” the Minister tweeted on Friday June 30.
The CEB has lost 34.3 billion rupees, up 4.2 percent from a year ago, despite a tariff hike, as finance costs went up steeply, interim accounts show.
Revenues in the March 2023 quarter went up 86 percent to 121.1 billion rupees but costs also went up at a slower 50 percent to 142.0 billion rupees.
CEB reported a gross loss of 20.8 billion rupees in the March 2021 quarter, down from 30.4 billion rupees.
Other income went up to 3.1 billion rupees from 2.1 billion rupees.
Sri Lanka’s renewable energy sector was to go to court over non-payment of arrears by the CEB as discussions with CEB officials proved unfavorable, the Federation of Renewable Energy (FRED) said in November 2022.
According to data shared by FRED, the CEB had 10 months’ worth of arrears totalling 35.18 billion rupees dating back to October 2021.
However, the government had promised to pay back the arrears in installments of 100 million rupees per day, in June 2022, which didn’t take place due to the country’s economic environment. (Colombo/Jun30/2023)