Sri Lanka’s CEB short term debt soar to Rs138bn in 2017

ECONOMYNEXT – Sri Lanka’s state-run Ceylon Electricity Board’s short term debt has soared 50 percent to 138 billion rupees, as the utility lost 45.7 billion rupees as diesel generation costs rose with a dividend from coal power ending.

Unaudited data had shown that cost of electricity at selling point was 20.06 rupees per unit (kiloWatt hour) while the average selling price was 16.49 rupees, the central banks said in its annual report.

The CEB was charging 14.74 rupees a unit from industry, 13.49 from domestic, 23.78 from general purpose (commercial), 17.95 from government and 17.62 from hotels.

The CEB had lost 13.2 billion rupees in 2016 and 45.7 billion rupees in 2017.

The losses were funded with short term liabilities to the banking sector, the Ceylon Petroleum Corporation and Independent Power Producers, which grew by 46.5 billion rupees to130 billion rupees.

Both the CPC and IPPs will also eventually borrow from banks.

Outstanding long-term liabilities of the CEB to banks and the government also rose 19.9 billion rupees to 319.6 billion rupees. (Colombo/Apr30/2018)

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