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Friday June 14th, 2024

Sri Lanka’s CEB ordered to halve hydro power, police AC use: PUCSL

ECONOMYNEXT – Sri Lanka’s Ceylon Electricity Board has been ordered by the regulator to slash hydro power generation to conserve air depleted water, police air condition use and start cutting power from those with their own generators.

The CEB had requested one hour scheduled power cuts to save water for March and April and police the use of air-conditioners to conserve use.

The Public Utilities Commission of Sri Lanka had instead ordered the utility to slash hydro generation which to around 5GHz, following a meeting on February 15. On February 15, 9GWh of hydro power was generated.

“Uninterrupted power will be there for the next three months, by reducing the generation of hydro electricity by almost 50 percent, obtaining the use of standby generators of the private users into the national grid,” PUCSL Chairman Janaka Ratnayake told reporters.

“Assuming that certain factors will remain constant, like the fuel supply then the generators will not have breakdowns and things like that. We are quite sure that within the next couple of months, February, March and April there will be no scheduled power cuts.

“Our analysis shows that we can manage without scheduled power cuts until we get into the next rainy season in May.”

The CEB has been ordered to make up the difference by policing the use of air conditioners and cutting power starting from owners of generators.

“In the event of a power shortage, you are required to first interrupt power to consumers with stand by generators and make the approved payments,” a letter to the CEB said.

A letter did not say whom to cut power from next.

Earlier in the day Chairman of the Public Utilities Commission said they were planning to operate formula through which to cut power.

Apartment buildings who are bulk customers should be barred from using air conditions and the CEB has been ordered to ‘strictly monitor and co-ordinate’ the order.

State agencies were also asked to stop using air conditioners from 1430 to 1600 hours. The action should also be ‘strictly monitored and co-ordinated” by the CEB, the letter said.

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Sri Lanka opposition leader proposes Grama Rajya system in addition to 13A

Opposition leader Sajith Premadasa (r) – File photo

ECONOMYNEXT — Sri Lanka opposition leader Sajith Premadasa has proposed devolving power to the village level through a Grama Rajya system in addition to implementing the 13th amendment to the constitution.

Speaking at an event in Jaffna on on Wednesday June 12, Premadasa said all provinces will benefit from the 13th amendment.

“Whatever one’s ethnicity, religion, status or region, this country has citizens of equal level. They’re all Sri Lankan citizens.

“There is no division or grouping.  As we give you and every other province what you should be given through the 13th amendment, we must implement a Grama Rajya system,” Premadasa said, addressing a crowd of school children and other attendees.

Premadasa’s assurance of implementing the 13th amendment has already drawn some protest in the south.

A collective of civil society organisations held a protest outside the office of the leader of the opposition in Colombo on Thursday June 12.

Calling itself the ‘Coalition Against Partition of Sri Lanka’, the group carrying national flags marched up to the opposition leader’s office Thursday June 13 morning and demonstrated against the full implementation of the 13th amendment.

“We arrived here today to hand over a missive against devolving police powers, land powers and judicial powers. If Mr Premadasa is inside, come outside,” Jamuni Kamantha Thushara, Chairman of the Citizen’s Movement Against Fraud, Corruption, and Waste, was seen declaring at the site.

“First of all, tell us what we stand to achieve by dividing and giving away the north and east,” said another protestor, warning against bringing the 13th amendment “anywhere here (paththa palaathe)”.

A police officer at the scene the protestors that a secretary to the opposition leader was ready to accept their letter.

“In Kilonochchi, he says the 13th amendment will be implemented. The votes in the north are going to be decisive this election. To win those votes, President Ranil Wickremesinghe, Sajith and Anura Kumara Dissanayake all say they will implement the 13th. We will not allow this country to be divided into nine pieces,” said Thushara.

Ven Balangoda Kassapa Thero, who was arrested on June 06 during a protest against the new Electricity Act, was also seen at Thursday’s protest. The Buddhist monk requested for a debate with Premadasa on the matter of the 13th amendment. (Colombo/Jun12/2024)

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Sri Lanka rupee closes flat at 303.85/95 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed broadly flat at 303.85/95 to the US dollar on Thursday, from 303.80/304.00 to the dollar the previous day, dealers said. Bond yields were down.

A bond maturing on 15.12.2026 closed at 10.00/30 percent, down from 10.20/40 percent.

A bond maturing on 15.10.2027 closed at 10.60/75 percent.

A bond maturing on 01.07.2028 closed at 11.00/15 percent, down from 11.15/40 percent.

A bond maturing on 15.09.2029 closed at 11.80/85 percent.

A bond maturing on 15.05.2030 closed at 11.85/12.05 percent, down from 11.90/12.05 percent.

A bond maturing on 01.10.2032 closed stable at 11.95/12.15 percent. (Colombo/Jun13/2024)

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Sri Lanka sells Rs295bn in 2027 to 2031 bonds

ECONOMYNEXT – Sri Lanka has sold 295 billion rupees in 2027, 2029 and 2031 bonds, data from the state debt office showed.

The debt office sold an offered 60 billion rupees of 15 October 2027 at an average yield of 10.30 percent.

All offered 125 billion rupees of 15 September 2029 bonds were sold at 11.00 percent.

All 110 billion rupees offered of 01 December 2031 bonds were sold at 12.00 percent. (Colombo/May13/2024)

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