CEB likely to make Rs. 152 b loss in next four months: Minister

Wednesday, 19 October 2022 00:24 - - {{hitsCtrl.values.hits}}

Lists delay to implement price-reflective mechanism, inability to implement new power projects, failure to adopt alternative sources as key reasons
Estimates an additional income of Rs. 15 b from electricity tariff hike introduced in August

Power and Energy Minister Kanchana Wijesekera

Power and Energy Minister Kanchana Wijesekera yesterday said the Ceylon Electricity Board (CEB) is likely to make a loss of Rs. 152 billion in the next four months, despite the electricity tariff hike implemented in August.

“During the first eight months of the year, the CEB has incurred a loss of over Rs. 108.67 billion,” he told the Parliament yesterday.

Irrespective of the massive losses, the Minister said it has been estimated that an additional income of Rs. 15 billion could be generated by the CEB following the upward electricity tariff revision, which was implemented on 10 August, after nine long years.

Minister Wijesekera claimed the long delay to introduce a cost-reflective pricing mechanism was the key reason for the massive losses incurred by the CEB.

He also said the losses were incurred not because of the officials, but due to the improper policies taken by successive Governments.

“Inability to implement new power generation projects, failure to switch towards energy efficient alternative sources with a minimum cost per unit are key factors for the during last year, compelled us to depend on fuel-based power supply,” he said.

In addition, he said the international fuel and coal price hike as well as the rupee devaluation against the dollar adversely impacted the financials of the CEB, particularly for the direct power generation in 2022.

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