ECONOMYNEXT – Sri Lanka’s Ceylon Electricity Board has generated a revenue of 35.6 billion rupees in November and 33.6 in October under the new tariff system, Minister Kanchana Wijesekera said.
On that basis annual revenues would be around 420 billion rupees.
To run the power stations in January 2023, CEB needs 35 billion rupees only for Naptha, Diesel and high sulfur fuel oil (HFO), he said in a twitter.com message.
Payments for coal in January was 38.45 billion rupees. In January Sri Lanka expects about 6 to 7 ships of 60,000 metric tonnes each, officials have said.
Each ship is enough to run the coal plants for about 10 days indicating around 18 billion rupees of coal would be needed for the month.
The first quarter which gets the least rain in the year also has the highest usage of fuel for electricity.
Minister Wijesekera has said that the country will need to hike electricity tariff by 60-65 percent once again in January 2023 as the one imposed in August (after 7-years) is not sufficient to manage the costs.
In the first eight months of 2022, the CEB has incurred a loss of 108.6 billion rupees, the minister told parliament in October. The rupee collapsed in March 2022 doubling the cost of fuel.
Minister Wijesekera has said in last four months of the year, CEB could incur a losss of 152 billion rupees while it expected earn an additional 15 billion income from the August tariff hike.
Sri Lanka’s state-run CEB anticipates 152bn loss over next four months: energy minister
He blamed delays implementing a cost-effective pricing system as the main reason for CEB to make losses and failure to implement low cost power plants as key reasons for losses.
Sri Lanka environmental and renewable energy activists have blocked cheaper coal plants sometimes misleading political leaders according to some critics. (Colombo/Dec29/2022)