An Echelon Media Company
Saturday April 20th, 2024

Sri Lanka in bid to avert 2.5 hour power cuts on Jan 19

ECONOMYNEXT – Sri Lanka’s electricity utility is in last minute talks with the Finance Ministry and Central Bank and the petroleum firm to get fuel and foreign exchange, Power Minister Gamini Lokuge said amid looming prospects of 2.5 hour power cuts on January 19.

“We expect to discuss this issue with the treasury, CPC, CBSL and Finance Ministry,” Minister Lokuge told reporters in Colombo.

“We need diesel from January 19-22.”

The Ceylon Electricity Board is expected to run out of diesel for a combined cycle plant and several reciprocal engines and gas turbine with a total capacity of around 280MW by on January 19, unless fresh deliveries are made, according to officials at the utility.

CLICK HERE TO READ UPDATE ON THIS STORY: Sri Lanka CEB to get 8-days of diesel for power generation: Minister

A combined cycle plant that usually runs on naptha which had switched to diesel after the CPC stopped its refinery.

CEB Spokesperson, Andrew Navamani said CPC has promised to give 900 Metric tons of Furnace oil, which they hope to use tomorrow to avoid power cuts.

Rolling 1.5 hour power cuts are likely to start in the daytime from 1100am and run until 1700 hours in four slots if deliveries are not made.

One hour power cuts are likely to start at 1730 hours and run till 2130hours.

The CEB had earlier got approval to cut one hour of power a day in the evening on a planned schedule but it was suddenly yanked off the website and there were several days without power cuts.

Meanwhile the CEB is also running down its hydro storage faster than originally planned, ahead of the dry season in February and March.

Energy Minister Udaya Gammanpila has said that priority would be given for road diesel for vehicles which would come to a complete standstill unlike a power cut of an hour or two.

The CEB is facing higher demand for diesel than earlier planned because a 300MW coal plant is down. (Colombo/Jan18/2021)

Comments (2)

Your email address will not be published.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

  1. Sandeep says:


  2. Sha says:

    So sad! Never in the history of our beloved motherland have we faced such a predicament!

View all comments (2)

Comments (2)

Cancel reply

Your email address will not be published.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

  1. Sandeep says:


  2. Sha says:

    So sad! Never in the history of our beloved motherland have we faced such a predicament!

Sri Lanka discussing giving extra land, water for Chinese oil refinery

ECONOMYNEXT – Sri Lanka is in discussions with China’s Sinopec to give extra land and assure water supplies after the company decided to expand the capacity of a planned oil refinery in Hambantota, Energy Minister Kanchana Wijesekera said.

“There are concerns on how the water supply is going to be provided for the refinery,” Minister Wijesekera told reporters Friday.

The refinery will need more land and also revise conditions in a Board of Investment agreement, he said.

Read more
Sinopec to double capacity of new refinery in Sri Lanka’s Hambantota

Recommendations and decisions from Sri Lanka’s side had already been sent and Sinopec is expected to revert back in May.

“We are hoping to sign the agreement once everyone has agreed,” Wijesekara said.

The principle agreements are expected to be signed by June, he said.

The refinery could sell up to 10 percent of its output in the domestic market.

“There is no commitment by the government to purchase anything,” Minister Wijesekera said. (Colombo/Apr19/2024)

Continue Reading

Sri Lanka rupee closes weaker at 302.00/50 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 302.00/50 to the US dollar in the spot forex market on Friday, down from 301.50/302.00 a day earlier, dealers said.

There was increased demand for dollars after the central bank bought 715 million dollars from forex markets. In the previous two months it was buying on average about 200 million US dollars, leaving market participants and bank in a ‘oversold’ position.

There were some official dollars sales Friday dealers said.

READ Sri Lanka rupee quoted wide to US dollar as peg inconsistencies flare up

Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed at 11.30/40 percent down from 11.35/40 percent.

A bond maturing on 15.09.2027 closed at 11.95/12.05 percent up from 11.90/12.05 percent.

A bond maturing on 15.12.2028 closed stable at 12.15/25 percent.

A bond maturing on 15.09.2029 closed stable at 12.30/40 percent.

A bond maturing on 01.10.2032 closed stable at 12.40/50 percent. (Colombo/Apr19/2024)

Continue Reading

Sri Lanka stocks close down, banks trade down

ECONOMYNEXT – The Colombo Stock Exchange closed down on Friday, data on its site showed.

The broader All Share Index closed down 0.38 percent, or 44.80 points, at 11,753; while the S&P SL20 Index closed down 0.53 percent, or 18.46 points, at 3,456.

Turnover was at 1.4 billion. The diversified financials (Rs366mn) and banks (Rs266mn) sectors continued to see selling pressure.

“This was possibly due to uncertainty around the bond discussions,” market participants said.

With the exception of Sampath Bank Plc (up at 77.50) all other banks traded down in the day. Commercial Bank of Ceylon Plc was down at 104.50, Hatton National Bank Plc was down at 188.50, and DFCC Bank Plc was down at 77.00.

LOLC Finance Plc saw the most trades and closed up at 6.40. Another LOLC company, Browns Investments Plc, also saw high traded volumes and closed up at 5.60.

Softlogic Capital Plc was up at 7.00, and Softlogic Holdings Plc was up at 11.20. A trading suspension imposed on SHL.N0000 was lifted effective today as the company submitted the annual report for the year ended 31st March 2023.

However, shares of the Company will remain in the Watch List “due to Qualified Audit Opinion and Emphasis of matter on going concern in the Independent Auditor’s Report in the Audited Financial Statements for the year ended 31st March 2022.”

Dialog Axiata Plc, which announced its merger with Bharti Airtel Thursday, saw its share price close up at 11.90.

“There was some traction on index heavyweights,” market participants pointed out.

Top contributors to the APSI included Aitken Spence Plc (up at 134.50), Ceylon Tobacco Company Plc (up at 1,245.25, and Lion Brewery (Ceylon) Plc (up at 1,048.50).

There was a net foreign inflow of 5 million. (Colombo/Apr19/2024)

Continue Reading