An Echelon Media Company
Thursday May 23rd, 2024

Sri Lanka plans up to 65-pct tariff hike in January: Minister

ECONOMYNEXT – Sri Lanka plans to hike power tariffs by 60 to 65 percent in January 2023 through cabinet approval to offset costs, officials said.

Sri Lanka’s Public Utilities Commission the regulator has not given sufficient increase in an August decision, General Manager of Ceylon Electricity Board, Rohan Seneviratne said.

Sri Lanka’s power regulator is usually expected to approve price hikes. However Prime Minister Ranil Wickremesinghe has said in parliament the Treasury has authority to do so.

“We will go cabinet on January 02, the price hike will happen legitimately and if anyone has the right to express their views and criticize the tariff raise, if they wish to they could even challenge it in court,” Minister Wijesekera told reporters.

“The cost is based on average rainfall. We still do have a forecast for rain next year. If there is more rain the coming year, we will reduce the price in the month of July.”

The price increase based on 27 of energy generated from hydro in 2023, 28 percent from coal, 13 percent from CEB’s liquid fuel plants, other private IPPs 12 percent, private renewables including 13 percent and 4 percent from rooftop solar.

Generation and distribution cost will be 48.42 rupees a unit. Last August the Public Utilities Commission had given only and increase of 29.14 rupees.

The revenue shortfall is calculated 277.5 billion rupees.

“The hike is to cover the gap,” Wijesekera said. “If not we will have to have more power cuts. The people asked for uninterrupted power. To do that we need to operate both CEB and private power plants.”

Sri Lanka expects to give some benefit to industries to maintain their competitiveness and also to low income households.

Low income households may be given cash grants, he said.

There is currently an effective subsidy of about 100 billion rupees to industries and 130 billion rupees to households he said.

“There are 14 lacks of customers using less than 30 units (a month), there 16 lacks using less than 60 units,” Minister Wijesekera said.

“We discussing with several agencies to give the cash grants. The government will give some support for their costs.”

For all religious institutions under an Indian credit line a 5kW of solar panels will be given. The plan would be done in the next three months. For small temples or others could reduce their bill to almost zero, with a 5kW panel, he said.

(Colombo/Dec27/2022)

Leave a Comment

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

Leave a Comment

Leave a Comment

Cancel reply

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

Sri Lanka has power breakdowns amidst extreme weather

ECONOMYNEXT – The state-owned power utility, the Ceylon Electricity Board has reported over 36,900 breakdowns resulting in power interruptions to more than 300,000 consumers in the last three days due to inclement weather in the island, the power minister said.

“Additional service staff has been assigned to attend the breakdowns and the CEB management & service staff are working 24 hours to restore power to the affected consumers,” Minister of Power and Energy, Kanchana Wijesekera said on social media platform X (twitter).

Wijesekera said consumers could report power interruptions through the CEB hotline 1987, via SMS to 1987 with BD and the electricity consumer number to follow, or use the CEB Care app, or through http://cebcare.ceb.lk.

The South-East monsoon has seen floods, landslides and strong winds do damage to the utility provider’s infrastructure in the last week. (Colombo/May23?2024)

Continue Reading

Sri Lanka President calls for unity, sacrificing for a better tomorrow on Vesak day

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe has recalled a sermon from the Buddha about sacrificing for a better tomorrow, and called for unity to heal and rebuild the country, as Buddhists celebrate Vesak.

Buddhists celebrate Vesak as commemorating the birth, enlightenment and passing away of the Buddha.

“At this challenging moment, we as a nation should cultivate the same great zeal for enlightenment that Buddha exemplified, inspired by his sermon, “Maththasukha parichchaga- passé che vipulan sukhan” – to sacrifice today for a better tomorrow,” President Wickremesinghe said in his Vesak day message.

“We must remember the advice of Lord Buddha, “Sabbattha Sammanaso,” to treat everyone equally and ensure we put it into practice as a country. This is the greatest offering we can present to the Buddha on this Vesak day.

“Regardless of race, religion, caste, or political affiliation, we must all unite to heal and rebuild our country. ”

The full statement is reproduced below:

The Vesak festival is a profoundly sacred day for Buddhists worldwide, commemorating the Buddha’s birth, enlightenment, and passing. Buddhists in Sri Lanka, along with their brethren around the globe, celebrate Vesak with deep devotion. They spend this period engaging in religious observances and venerating the Buddha with fervent devotion.

At this challenging moment, we as a nation should cultivate the same great zeal for enlightenment that Buddha exemplified, inspired by his sermon, “Maththasukha parichchaga- passé che vipulan sukhan” – to sacrifice today for a better tomorrow.

We must remember the advice of Lord Buddha, “Sabbattha Sammanaso,” to treat everyone equally and ensure we put it into practice as a country. This is the greatest offering we can present to the Buddha on this Vesak day. Regardless of race, religion, caste, or political affiliation, we must all unite to heal and rebuild our country. The principles of Lichchavi Raja Dharmaya will guide us in this endeavour.

Let us keep in mind that the primary aim of the Vesak festival is to foster spiritual growth and character development in a world rapidly advancing physically. I wish everyone a blessed Vesak festival.

Continue Reading

Sri Lanka to host foreign artistes, Sigiriya fashion show to promote tourism

ECONOMYNEXT- Sri Lanka plans to bring down international artistes, and hold water festivals to boost tourists, Sri Lanka Tourism Promotion Bureau Chairman, Chalaka Gajabahu said.

“We will be hosting a few international artists in September to December,” Gajabahu told EconomyNext.

“We would also be having a fashion show in Sigiriya.”

Sri Lanka is targeting 2.3 million tourists in the year 2024 with expectations that it may go up to 2.5 million Gajabahu said.

Sri Lanka is also planning on having a water festival in coastal towns such as Trincomalee, Arugambay  and Kalpitiya in order to showcase Sri Lanka’s capacity for watersports, Gajabahu said. (Colombo/May22/2024)

Continue Reading