Energy

Sri Lanka power regulator says secured uninterrupted power supply for Jan. 30-31

Sri Lanka will continue to experience more power cuts

Monday January 30, 2023 6:57 pm

ECONOMYNEXT – Sri Lanka power regulator said there will not be any power cuts on both January 30 and 31 with steps taken to boost hydro power generation.

According to a request made by the regulator, Public Utilities Commission of Sri Lanka (PUCSL), Mahaweli Authority has agreed to release a total of additional 15.78 million cubic meters of water from Rantambe and Kotmale reservoirs for state-run Ceylon Electricity Board to generate an additional 1.14 gigawatts per hour on Monday.

“PUCSL has observed that the Hydro Reservoirs has a total capacity of water at present which can generate 778 GWh of electrical energy, which is 100GWh higher than the reservoir capacity had in the same period of year 2022,” PUCSL in the letter to Mahaweli authority said.

“As PUCSL has directed CEB to provide an uninterrupted power supply during the period of GCE Advanced Level Examination is held until 17th February 2023, you are kindly requested to allow CEB to release at least 2 GWh per day more than the allocated water dispatch until 17th February 2023 for power generation, considering the above for the benefit of the candidates who sit for the Advanced Level Examination.”

However, the Mahaweli Authority has agreed to release water to be sufficient till Tuesday and a decision will be made on February 01,2022, for the rest of the exams days, PUCSL chairman Janaka Ratnayake said.

He also said the tariff determining process will end on February 08,2023, and as agreed at the Human Rights Commission last week, the additional cost for power generation to provide uninterrupted power till February 17, will be covered from the new tariff. (Colombo/Jan 30/2023)

Cancel reply

1 Sri Lanka to start property tax, transfer, gift, inheritance tax from Jan 2025

2 Sri Lanka President decides against controversial cop

3 Sri Lanka mulling ways to re-structure domestic debt

4 Sri Lanka banks may need Rs1.4trn in capital, govt to inject cash

5 Sri Lanka gets Malaysian nod for 10,000 security guard jobs

Accidents

Sri Lanka establishes committee to investigate aircraft incidents

An aircraft lands at the Jaffna International Airport, which was opened in October 2019 and promises to push the tourism frontiers in Jaffna.

Roshani Fernando

Thursday March 23, 2023 5:39 pm

By Roshani Fernando

Thursday March 23, 2023 5:39 pm

ECONOMYNEXT: Sri Lanka’s has established an expert committee under the state-run Civil Aviation Authority to investigate aircraft accidents and to implement precautionary methods in the Sri Lankan airspace, an Official said.

“Even if it is only one flight, there is a chance an accident may occur,” Civil Aviation Authority of Sri Lanka, Director General, P. A. Jayakantha said.

“This particular committee is there to investigate aircraft accidents and act as a mechanism to take over if something goes wrong”.

Sri Lanka has encountered around 2,700 minor aircraft accidents and incidents mostly on the ground in the 19 years through 2021, the CAA annual reports showed.

The new committee will analyze the past accidents and take precautionary measures while also conducting investigations and provide independent reports in the future, Jayakantha said.

The team is provided with required training and qualifications by the CAA along with an International organization, free of charge.

“Internationally also it is a requirement to have a team to investigate the aircraft accidents,” Jayakantha added.

“For a long time we have not fulfilled this requirement and that is why we established this team with the cabinet approval. Moreover, recently, Sri Lanka’s two aircrafts, one training aircraft and a commercial aircraft met an accident”

The committee will be on active duty, until the Accident Investigation Act is passed and a proper Aircraft Accident and Incident Investigation Bureau is established. (Colombo/ Mar23/2023)

Bonds & Forex

Sri Lanka bond yields steady, Rupee 319/325 at close

Thursday March 23, 2023 5:35 pm

ECONOMYNEXT – Sri Lanka’s treasury bond yields closed steady on Thursday while rupee closed weaker, dealers said.

A 01.07.2025 bond closed at 30.60/31.00 percent on Tuesday, down from 30.25/75 percent on Wednesday.

A 15.09.2027 bond closed at 27.80/28.10 percent, steady from 27.90/28.00 percent from Wednesday.

Sri Lanka rupee closed at 319/325 against the US dollar depreciating from 318/320 from a day earlier. (Colombo/ March23/2023)

Markets

Sri Lanka shares dive to two-week low on local debt restructuring fears

Thursday March 23, 2023 5:35 pm

ECONOMYNEXT – The Sri Lanka market fell for a fourth session to a two-week low on Thursday, led by financials, as worries over domestic debt restructuring continued after the IMF loan was approved earlier this week resulting in investors adopting a wait-and-see approach until further clarity was provided, analysts said.

The main All Share Price Index (ASPI) closed down 1.38 percent or 131.07 points to 9,395.98, lowest since March 02.

Analysts said, majority of the banks have been on slower investment trends on fears of domestic debt restructuring after the IMF approval and waiting for more clarity on the local debt restructuring.

“The market is on muted sentiments despite the IMF loan being approved and is going through a period of consolidation,” Ranjan Ranatunga of First Capital Holdings said.

The market saw a net foreign outflow of 298 million rupees and the total offshore inflows recorded so far in 2023 to 3.3 billion rupees.

The most liquid index, S&P SL20, closed 1.64 percent, or 45.33 points, down at 2,722.94.

The market saw a turnover of 3.4 billion rupees on Thursday, above this year’s daily average of 1.8 billion rupees.

This is the highest turnover generated since March 08, which is when the market was driven off of positive sentiments from International Monetary Fund deal hope after Chinese assurances.

Top contributors to revenue was Agalawatte Plantations, on off board transactions of a stake change, contributing revenue of 1.6 billion rupees, Ranatunga said.

Top contributors to revenue industry wise was Food and Beverage and Telecommunications.

Sri Lanka Telecom has been seeing positive uptrends as the Secretary to the Treasury has informed the Board of Directors of Sri Lanka Telecom PLC (SLT) and Lanka Hospitals PLC that the Cabinet of Ministers has granted approval in principle for the divestment of the stakes held by the Treasury Secretary in the two companies.

Top losers were Sampath Bank, Hatton National Bank and Commercial Bank.

Sri Lanka is looking at options to re-structure domestic debt, or local law local currency debt (LLLC), without harming the banking sector and announce them the International Monetary Fund said in a report.

Banks have been witnessing profit taking and selling pressures after continuous uptrends prior to the IMF loan had been approved.

Analysts said, selling pressures is expected to ease as the IMF hopes to reduce inflationary pressures which will in turn lead to reductions in interest rates. (Colombo/Mar23/2023)