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Sri Lanka’s LECO pay interest on customer deposits

ECONOMYNEXT – Sri Lanka’s Lanka Electric Company, one of two state-run power distributors will pay interest on customer deposits from, under an initiative from the Public Utilities Commission though the sector as a whole is running losses.

“Payment of interest on electricity consumer deposits declared today is a benefit provided to the consumer under Section 28 of the Sri Lanka Electricity Act,” PUCSL Chairman Janaka Ratnayake said.

“Cooperation between the various parties were required to implement such a benefit. In the recent past, steps were taken to implement this interest rate scheme

“The implementation of the decision to pay interest benefits was delayed due to various issues such as determining the interest to be paid and resolving issues.

“But today we have been able to solve all those problems and The Public Utilities Commission of Sri Lanka has developed a methodology for determining interest rates in an accepted and transparent manner.

“The commission recently decided that the interest rate for this year would be 8.68 per cent.”

Lanka Electricity (Pvt) Ltd, will pay 42 million rupees a year to customers through the scheme he said. (Colombo/Apr08/2021)

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