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Wednesday February 1st, 2023

Sri Lanka in extended blackout as grid fails repeatedly – Update

ECONOMYNEXT – Sri Lanka’s power blackout which started around mid-day has extended towards nightfall as grid failed repeatedly while engineers were attempting to restore power, Ceylon Electricity Board officials said.

The cascading failure was suspected to have been triggered by a transmission line failure in the Kerawalapitiya area.

But attempts to restore the grid had failed repeatedly, with supply fluctuating and de-stabilizing frequency and voltage. Frequency had been surging above 51 Hz at times.

The instability of supply, industry officals now suspect, could have come from solar power, which the CEB’s system control cannot dispatch.

The grid was gradually restored after sundown.

CEB had earlier warned about the share of power coming from multiple small plants plants which could not be dispatched centrally, leading to system instability, when the share of small plants and rooftop solar increases.

Read: Impact of Low Rotational Inertia on Power System Stability and Operation

Powergrids are designed to distribute power in one direction, but there is heavy lobbying to accommodate small renewable plants on an ad hoc basis, without the existence of a distributed grid, industry analysts say.

The CEB itself is building a renewable park in Mannar with facilities to handle intermittent power (see variable renewable power) and can also be dispatched (switched on or off by systems control).


Sri Lanka CEB to get US$200mn loan from ADB for 100MW windfarm

The grid usually maintains frequency and voltage by adjusting a large hydro generator.

Power was restored to the South of the country, which has been isolated from the national grid, early.

The Southern grid was energized by the Samanalawewa hydro power reservoir.

Cascading power failures are not common in Sri Lanka and the last was in 2016.

While a grid can come down fast as sections of the transmission line trips, forcing generators to also trip, it is more difficult to restore power.

Power demand also go up in the night. (Colombo/Aug17/2020 – Updated)

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Sri Lanka coconut prices ease at auction

ECONOMYNEXT- Sri Lanka’s coconut auction prices fell in the last auction in January 2023, with average prices going down by 4.1 percent at an auction on January 26, data showed.

The average price for 1,000 nuts fell to 80.811.89 from 84,116.85 a week earlier at the weekly auction conducted by Sri Lanka’s Coconut Development Authority.

The highest price was 87,300 rupees for 1,000 nuts down from the previous week’s 90,200 rupees, while the lowest was 72,500 down from 73,000 rupees.

The auction offered 469,564 coconuts and 300,983 nuts were sold. (Colombo/ Feb 01/2023)

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Sri Lanka shares edge up at close

ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“

At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.

Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.

All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.

The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.

Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.

The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.

The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.

The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.

Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)






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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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