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Sri Lankans served with untruths to deprive them of cheaper electricity – senior energy expert

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By Ifham Nizam

All possible untruths have been uttered to deprive Sri Lanka of cheaper electricity in the proposed power sector reforms, senior energy expert Dr. Tilak Siyambalapitiya warned recently.

Speaking at a forum titled, “Reforms for a Sustainable Power Sector for the Next Generation,” on December 21 at Hotel Galadari, Dr. Siyambalapitiya stressed that the proposed Act does not promote competition, for renewables and stranded renewables, for example, to ultimately help the customer in the form of a price drop.

Siyambalapitiya said that bidding for renewables will not work. Speaking on the topic, “Will the Draft Solve the Problems in the Sector,” he also said Sri Lankan investors have no money to invest; “hence, foreign investors have to come; wind and solar energy must be paid for in US dollars.”

Institute of Engineers of Sri Lanka committee member appointed to oversee ‘Power Sector Reform Studies’, Pubudu Niroshan, told The Island Financial Review that following the successful completion of the forum, “Reforms for a Sustainable Power Sector for the Next Generation,” the Electrical Engineering Society of the University of Moratuwa (EESoc) submitted its recommendations to the Minister of Power and Energy and Power Sector Reforms Secretariat.

Niroshan added: ‘The forum garnered unanimous agreement on the necessity for power sector reforms.

‘However, participants emphasized the importance of genuine consultation and stakeholder engagement. In this regard, the revision of the gazette Act was identified as crucial to address; *key omissions and unnecessary additions*, ensuring its effectiveness in achieving lasting positive outcomes.

‘Any reform or change should be done with an objective and built on a model featuring our strengths and opportunities; not for weaknesses and threats, not for interests of individuals.

‘The process of reform should be transparent and with genuine consultation of stakeholders and absorption of their valued inputs.

‘If the proposed model is towards a Competitive Generation Market, Wholesale Market and the Retail Market; the key elements are the (i) Independent System Operator (ii) Competitive Power Generation and (iii) Strong backbone of Transmission Network.”

‘However, with the proposed draft, the proposed system operator is not independent; it will be fully dependent and controlled by the minister; minister will get arbitrary/ veto power on planning, procurement, tariff and all electrical sector decisions.

‘Though sections of the Act mention competitiveness, the proposed separation of the CEB into companies will make monopolies in coal, LNG (Future) power generation and also in energy storage systems.

‘Privatizing CEB transmission assets up to 50%, then allowing separate private owned transmission lines and substations in strategic locations will make our power network weak.

‘Establishing multiple standalone companies with government ownership can result in loss of control and governance in the electricity sector. It is recommended to establish a government owned public company holding the shares currently held by GoSL in generation, transmission, distribution, and other electricity sector companies as a strong parent company.

‘The Proposed National Electricity Advisory Council is an Appendix. It is of no relevance in the proposed structural change in the electricity sector model either technically or financially or economically. It is just another body created to get the powers into the hand of minister/ government to control the sector. It is a reverse of reforms.

‘If the requirement for a ‘National Electricity Advisory Council’ is justified with a national objective, including preparation of national electricity policy, issue of policy guidelines, review of the long-term power system development plan and the tariff policy, then, it should be an independent council established by obtaining the observations of the Constitutional Council for nomination by the minister/ President.

‘Most importantly, limit the advisory council to advise minister/ President/ Gov., but not the regulator or system operator. This can be separately established out of this New Electricity Act. ‘

The mentioned forum was co-hosted by EESoc and IEEE PES Sri Lanka Chapter with academics of the Universities of Moratuwa and Peradeniya. It brought together diverse stakeholders from the legislative, academic and industrial sectors to engage in constructive dialogue on the crucial topic of power sector reforms.

Panelists comprised Eng. Nihal Wickramasuriya, Retired General Manager, CEB and Reforms Manager (2002-2006), Prof. Asanka Rodrigo, Professor in Electrical Engineering, University of Moratuwa, Prof. Lilantha Samaranayake, Head of the Department of Electrical and Electronic Engineering, University of Peradeniya, Dr. Tilak Siyambalapitiya, Managing Director, Resource Management Associates (Pvt) Ltd and Eng. Pubudu Niroshan, Co-Founder Minel Lanka and Director of Nexgen Lanka (Guarantee) Limited.



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Ambeon Securities hosts exclusive investor forum on Sri Lanka’s economic and market outlook

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The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm's engagement with its growing client base.

Ambeon Securities recently hosted an exclusive investor forum, bringing together clients, investors, business leaders, and market professionals for an insightful discussion on Sri Lanka’s economic outlook and investment opportunities amidst a challenging global landscape.

The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm’s engagement with its growing client base.

The forum featured Baqar Zaidi, Director and Chief Economist for Sri Lanka and India at Citi Research, as the keynote speaker. Sharing his perspectives on the evolving global macroeconomic environment, Mr. Zaidi discussed key themes influencing emerging and frontier markets, Sri Lanka’s economic trajectory, and the opportunities lie ahead.

The keynote address was followed by an engaging panel discussion comprising Baqar Zaidi, Aravinda De Silva, respected investor, entrepreneur, and the Chairman of Arcasia Holdings. Hasitha Premaratne, Group Managing Director of Brandix and Asanka Herath, Chief Executive Officer – Unit Trusts and Head of Equities at LYNEAR Wealth Management.

Moderated by Imran Furkan, the panel explored a range of topics including Sri Lanka’s macroeconomic outlook, the future of the Colombo Stock Exchange, sectoral opportunities, capital allocation strategies, investor confidence, and the role of policy reforms in attracting investment and supporting long-term growth.

Speaking at the event, Charith Kamaladasa, Chief Executive Officer of Ambeon Securities, reaffirmed the company’s commitment to facilitate quality insights, informed perspectives, and meaningful dialogue to support their clients while building lasting relationships with them. He noted that in an environment where uncertainty has become the new normal, equipping investors with timely information and expert perspectives is essential for successful wealth creation.

The event was well attended by a distinguished gathering of institutional investors, high-net-worth investors, and business leaders. Among those present were members of the Ambeon Group Board, including Group Chairman Sujeewa Mudalige, Group CEO Dr. Sajeeva Narangoda, and Chairman of Ambeon Securities Mangala Boyagoda. Their presence, together with the participation of Ambeon Group shareholders and valued clients, enriched the discussions and contributed to a vibrant networking session, fostering meaningful dialogue and stronger connections within the investment community.

Through initiatives such as this, Ambeon Securities continues to reinforce its commitment to helping clients navigate evolving market conditions, make informed investment decisions, and achieve their long-term financial goals.

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Tata Group leads humanitarian education support initiative with DIMO and ChildFund

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The Tata Group, in partnership with ChildFund and DIMO, has successfully implemented a humanitarian education support initiative for disaster-affected schoolchildren in Sri Lanka, reaffirming its commitment to helping communities recover from the impacts of Cyclone Ditwah and the subsequent floods.

Following a formal request for support from Sri Lanka, an on-ground assessment was conducted in December 2025. Recognizing the urgent need, several Tata companies joined forces to implement the response program.

As part of this initiative, the ‘Hope in a Backpack’ programme, which provides disaster-affected children with essential educational supplies, was launched by the Tata Group at Taj Samudra, Colombo, in the presence of the Chief Guest, Hon. Prime Minister Dr. Harini Amarasuriya; the Guest of Honour, Hon. Indian High Commissioner Santhosh Jha; Ranjith Pandithage, Chairman of DIMO; Chacko Thomas, Group Chief Sustainability Officer, Tata Sons; and Aditi Ghosh, Country Director, ChildFund.

This initiative is part of DIMO’s Social and Community Pillar, under the project theme ‘Lassana Hetak,’ which focuses on giving the future generation a helping hand towards a better future.

This collective effort was further strengthened by volunteers from Tata and DIMO, who actively mobilized on the ground to pack, distribute, and support affected communities. During the proceedings, specially invited schoolchildren received the backpacks with essential supplies as well.

Commenting on the partnership, Ranjith Pandithage, Chairman of DIMO, said: “DIMO is proud to collaborate on this meaningful initiative alongside the Tata Group and ChildFund as the local implementation and logistics partner. Our relationship with Tata spans more than six decades and has been built on a shared commitment to ethical business practices, trust, and creating lasting value for the communities we serve. These values have shaped our partnership over the years, extending beyond business to initiatives that make a meaningful difference in people’s lives.”

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NovaNest Properties launches Rainbow Apartments in Ratmalana

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Samitha Waidyasekera CEO - NovaNest Properties (Pvt) Ltd

NovaNest Properties (Pvt) Ltd has officially launched Rainbow Apartments, a new residential development in Ratmalana. The announcement was made at an official launch event held at the Shangri-La Hotel, Colombo, marking the company’s latest addition to Sri Lanka’s growing apartment market.

The development is designed to cater to homebuyers seeking modern urban living, as well as investors looking for long-term value. Rainbow Apartments is located in Ratmalana, an area of increasing residential interest, and benefits from the suburb’s established social infrastructure, proximity to major transportation links, and accessibility to Colombo.

The project reflects NovaNest Properties’ commitment to delivering quality residential developments that combine contemporary design with practical living. Intended to satisfy the evolving lifestyle demands of today’s homeowners, Rainbow Apartments features thoughtfully designed living spaces supported by modern amenities. These include two infinity pools, a gym, fully functional workspaces, a mini theatre, stylish cafés, a mini-mart, and a children’s daycare. Additionally, it features a full time medical centre backed by Nawaloka Hospitals PLC Colombo, with a 24-hour ambulance service.

Commenting on the launch, the Chief Executive Officer of NovaNest Properties (Pvt) Ltd, Samitha Waidyasekera, said, “Today’s buyers are looking beyond square footage. In addition to providing long-term value, they want homes that are close to the places where they work, learn, and spend their time. With that shift in mind, Rainbow Apartments was created to bring together a strategic location, thoughtful design, and quality construction in a way that will continue to meet buyers’ needs for years to come. Through our promise of ‘Luxury Beyond Expectations,’ we are committed to delivering an elevated lifestyle experience that combines comfort, convenience, and modern living.

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