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Saturday March 2nd, 2024

Sri Lanka’s power crisis continues with 3.5-hour cuts scheduled for March 27

ECONOMYNEXT – The Public Utilities Commission of Sri Lanka (PUCSL) has approved power cuts of 3 hours and 30 minutes for some areas in Sri Lanka and 2 hours for other areas for March 27 Sunday, PUCSL Chairman Janaka Ratnayake said as a worsening forex crisis continues to affect power generation during the dry season.

Areas P, Q, R, S, T, U, V, and W will have a 2 hours of power cut from 3pm to 11pm.

Areas A, B, C, D, E, F, G, H, I, J, K, and L will have 2 hours and 15 minutes of power cuts from 8.30am to 5.30pm and 1 hour and 15 minutes from 5.30pm to 10.30pm.

Click here for a detailed timetable.

Ceylon Electricity Board (CEB) acting general manager Susantha Perera said the power generation from hydro power plants has dropped below 28 percent and generation will be needed to be halted in the coming days with water levels continuing to drop due to the prevailing dry weather.

“We can’t say we will have to go for 8-10 hour long power cuts. As we experienced in the past few days, it depends on the situation in the country,” Perera said in an interview given to the privately owned Derana network on Saturday (26).

“But we are going towards increasing the number of hours, because the issue is adding more units to the main grid,” he said.

However, PUCSL Chairman Rathnayaka on Friday (25) told reporters that the CPC has guaranteed the supply of fuel for for the daily demand from next week onwards. The PUCSL has also given permission to the CEB to purchase units from the privately owned Ace Embilipitiya power plant to supply electricity to the southern province.

“Due to an issue in the grid, we had to go for longer power cuts in the southern province, but we have now given permission to the CEB to buy units from the Ace Embilipitiya private power plant to the main grid. The CEB has also asked permission to purchase units from several other private power plants and the PUCSL will consider them as well,” Rathnayaka said.

“We also have one million metric tons of coal which is enough for the next four to five months, and with all thermal power plants coming into operating levels, we may see a reduction in the number of hour power will be shed.”

Sri Lanka is facing forex shortages due to money printed to keep interest rates low and the country has run out of reserves and the currency has been floated.

However, the float has not yet taken place and the rupee has fallen from 203 to 275 to the dollar and prices are getting validated at that level. (Colombo/Mar26/2022)

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  1. M.i.siyam says:

    Power cut time Rakwana

  2. siyam says:


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  1. M.i.siyam says:

    Power cut time Rakwana

  2. siyam says:


Sri Lanka eyes SOE law by May 2024 for better governance

ECONOMYNEXT – Sri Lanka is planning to pass a Public Commercial Business (PCB) Act improve governance of state-owned enterprise by May 2024 as part of an anti-corruption efforts following an International Monetary Fund assessment.

Sri Lanka’s state enterprises have been used by politicians to give ‘jobs of the boys’, appropriate vehicles for personal use, fill board of directors and key positions with henchmen and relatives, according to critics.

Meanwhile macro-economists working for the state also used them to give off-budget subsides or made energy utilities in particular borrow through supplier’s credits and state banks after forex shortages are triggered through inflationary rate cuts.

The government has taken billons of dollars of loans given to Ceylon Petroleum Corporation from state banks.

There have also been high profile procurement scandals connected to SOEs.

An SOE Reform Policy was approved by Sri Lanka’s cabinet of ministers in May 2023.

The Public Commercial Business (PCB) Act has now been drafted.

A holding company to own the SOEs will be incorporated and an Advisory Committee and Board of Directors will be appointed after the PCB law is approved, the statement said. (Colombo/Mar01/2024)

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Sri Lanka rupee closes at 308.80/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 308.80/90 to the US dollar Friday, from 309.50/70 on Thursday, dealers said.

Bond yields were broadly steady.

A bond maturing on 01.02.2026 closed at 10.65/75 percent up from 10.50/70 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent from 11.90/12.10 percent.

A bond maturing on 01.07.2028 closed at 12.15/35 percent down from 12.20/25 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent up from 12.30/45 percent.

A bond maturing on 15.05.2030 closed at 12.30/45 percent down from 12.35/50 percent.

A bond maturing on 01.07.2032 closed at 12.50/13.00 percent from 12.55/13.00 percent. (Colombo/Mar1/2024)

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Sri Lanka stocks close up 0.37-pct, Expo to de-list

ECONOMYNEXT – The Colombo Stock Exchange closed up 0.37 percent on Friday, and SG Holdings, the parent company of Expolanka Holdings Plc, said it was taking the company private.

Expolanka is the largest listed company on the Colombo Stock Exchange.

“Expolanka Holdings PLC has, at the Board Meeting held on 1st March 2024, considered a request from its principal shareholder and resolved to initiate the de-listing of the Company’s shares from the Official List of the Colombo Stock Exchange subject to obtaining necessary shareholder approval and regulatory approvals,” the company said in a stock exchange filing.

As per arrangements with SG Holdings Global Pte Ltd, the Company’s majority shareholder, it will purchase its shares from shareholders who may wish to divest their shareholding in the Company at a purchase price of Rs 185.00 per share. The share closed up at 150.50.

The broader All Share Index closed up 0.37 percent, or 39.47 points, at 10,691; while the S&P SL20 Index closed down 0.64 percent, or 19.59 points, at 3,037.

Turnover stayed above the 1 billion mark for the sixth consecutive day, registering 1.4 billion.

Crossings in Melstarcorp Plc (135mn) up at 89.50, Hatton National Bank Plc (64mn) up at 158.00, Hemas Holdings Plc (53mn) up at 75.00 and Central Finance Company Plc (26mn) up at 103.50, added significantly to the day’s turnover.

“The upward trend is continuing, with more retail buying also coming in, the number of trades was more than 10,000 today,” a market participant said. “Investors are looking for undervalued stocks and buying in quantities.” (Colombo/Mar1/2024).

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