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LET’S BE ENERGY LEADERS

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By Wasantha Perera

Secretary/ Ministry of Power

What and Why a ‘National Energy Day’?

Energy is the creator of a modern society. Our lives revolve around the continuous energy supply, which is made possible by the advanced infrastructure that exists in our cities. The energy supplied to us through our wall sockets, the flow of fuel to vehicles around, and the massive volume of power supplied through our electricity network to power our industries is crucial to our everyday well-being.

Driving the energy sector of the country to efficiency not only marks the success of our economic management, but also the assurance of our future habitability and well-being. This mission of energy management is no small feat. It requires a collective effort of each and every member within our society. A collective mission to conserve energy opens up enormous possibilities and stimulates creativity among our SMEs.

We celebrate National Energy Day to remember this mission and empower the next generation to be a part of it. Today is the day dedicated to energy education, energy awareness and energy innovations. It is dedicated to the experts teach the nation how to conserve energy and help them understand its importance. Importantly, today is the day that we show our gratitude to the endless possibilities provided to us through the energy system, and recognize how we preserve it.

 

What is energy? How energy dependent are we?

For a long time, scientists and engineers thought mechanical energy and thermal energy were two different types of energy that cannot be mixed together. Mechanical energy is the energy in moving objects, and the energy required to move and lift things. Thermal energy is the energy required to generate heat. In the late 17th century, scientists found out that thermal energy, in fact, can be converted to mechanical energy and vice versa.

Energy comes in so many different forms. We utilize energy to perform motor skills; to throw, lift heat and emit light. Heat, light, sound and electricity are also forms of energy and energy can be converted from one form to the other. Heat can be converted to mechanical energy and mechanical energy into electrical energy by way of using a generator. Light energy can be converted to electricity using solar cells. As we all know, electrical energy is converted to light through a light bulb. This conversion created a new technology called energy technology. Today everybody converts all primary energy sources to electricity, transport to the point of consumption and convert it back to the energy form, which is required.

The energy requirement of the world is supplied by various resources that contain energy within them. Fossil fuels such as crude oil and coal are the most prominent primary energy sources in the world. Still, the firewood and plant components supply a significant portion of the world’s energy requirement. Nuclear energy created by the nuclear reactions of radioactive substances, such as Uranium and Plutonium found in our soil, is also a primary energy source of the world. Hydro energy in water stored at heights are used in hydro-power plants to generate electricity. The light energy in direct sunlight and the wind created by the differential heating of the atmosphere by the sun’s energy provide us with very valuable energy sources. Energy in ocean currents is also an important modern energy source tapped by undersea generators. All these are crucial energy sources that supply energy throughout the world.

In Sri Lanka our primary energy supply comes from fossil fuels (53%), solar (13%), wind and hydro (34%) and biomass. 28% of this primary energy supply is converted to electricity. Our industries consume 26% of the country’s energy. The domestic and commercial sector consumes 41% and 33% by the transport sector. All the energy used for the transport sector is supplied only from fossil fuels.

A moment’s power failure in our electrical grid system can bring our lives to a grinding halt, which shows the energy dependency of our daily lives. This applies to our industries and commercial activities as well. The lifeblood of the modern economy is its energy supply. Therefore, the reliability, stability and sustainability of our energy supply is as important as its affordability.

The energy outlook of our nation is currently in a transitional stage. It is important that we navigate this transition to reduce our carbon footprint and increase our energy security. This can be achieved through a plan governed by a strategic policy and our collective effort.

 

National energy Policy and its objectives

Sri Lanka’s ‘National Energy Policy’ is a well formed strategy which ensures convenient and affordable energy services for the equitable development of Sri Lanka through a clean, safe, sustainable, reliable and economically feasible energy supply. This Policy is formulated in alignment with the future goals of Sri Lanka, current global trends in energy and the Goal 7 of the Sustainable Development Goals of the United Nations. This policy will impact the vast realm of social, economic and environmental spheres and pave the way to realize the vision of Sri Lanka in achieving carbon neutrality and complete transition of all the energy value chains by 2050.

 

Energy is said to be at a trilemma. Energy equity, energy sustainability and energy reliability, are at a constant battle with each other. Affordable energy is not always clean or reliable. Clean energy is neither cheap nor guaranteed to be reliable. To make the energy supply system reliable, we are compelled to make massive investments towards delivering energy through systems that are neither cheap not clean. We must maintain a balance between these three competing ends: equity, sustainability and reliability. Thousands of researchers in the energy sector and engineering research centers all over the world strive to innovate technologies to find the right balance between equity, sustainability and reliability of energy. Every energy policy in the world tries to strike their own balancing point. Our energy policy is no different and tries to balance these three ends through various strategies, such as streamlining our firewood supply, going green, reducing the intensity and increasing the efficiency of our transport energy.

It takes a tremendous effort to provide affordable and accessible energy, while maintaining high reliability. The 2015 Sustainable Development Goals clearly recognize this trilemma, and have dedicated the seventh goal to “Ensure access to affordable, reliable and modern energy for all”. Within our global order, positioning Sri Lanka in the global forum as an example of a country with a green energy supply is a top priority that we care very much about.

Our electricity sector plays a vital role as the energy streamliner and catalyzer. In modern Sri Lanka, all energy forms are expected to be converted to electricity and delivered to the point of consumption. This is not as simple as in any other country due to our massive 34% footprint of biomass.

The government’s manifesto ‘Vistas of Prosperity and Splendor’ has captured the gamut of this concept in a powerful manner to state that ‘Sri Lanka is ranked high among the countries with a large share of renewable energy, with a strong commitment to retain this vital attribute of the nation’s economic resilience in a world of diminishing energy security’. As proven by this global pandemic and its consequences, today it is evident now more than ever, that our energy security, energy reliability and energy sustainability defines our world.

 

What is our responsibility on economic use of energy

 

The real question is how we can achieve energy efficiency and sustainability as a nation.

Our individual responsibility and role in this area is similar to our function within a democracy. The Sri Lankan energy supply can only be affordable, reliable and sustainable if everybody can together strive to achieve it.

We can identify our energy use among four economic sectors: residential, commercial, transportation, and industrial. We rely on energy for lighting, heating or cooling of buildings, moving vehicles and freight, and manufacturing products. It is projected that Sri Lanka’s energy demand will increase by 5-6% annually. Minimizing energy waste and using energy as economically as possible is the responsibility of every citizen. While my colleagues and various energy professionals dedicate ourselves to improving these systems, it is also equally the responsibility of every individual energy consumer to contribute to this collective mission by ensuring careful and economical use of energy in their day to day life.

The National Day is a perfect moment to reflect on our values and appreciate how far we’ve come, and how far we have yet to go.

“The pessimist complains about the wind. The optimist expects it to change.

The leader adjusts the sails”

John Maxwell Let’s adjust the sails and lead this voyage.



Business

Wealth Trust Securities to raise Rs. 500.8 million via IPO

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Left to right: Timothy Speldewinde, Independent Non-Executive Director; Anarkali Moonesinghe, Non-Independent Non-Executive Director; Priyanthi Abeyesekere, Deputy CEO; Senaka Weerasooria, chairman (Non-Independent Non-Executive Director); Romesh Gomez, Managing Director/CEO (Non- Independent Executive Director); Tarusha Weerasooria, Non-Independent Non- Executive Director; Shanti Gnanapragasam, Independent Non-Executive Director; and Tivanka Perera, Vice President – Asia Securities Advisors (Pvt) Ltd.

The recent announcement of Wealth Trust Securities Ltd.’s Rs. 500.8 million Initial Public Offering -IPO- comes at a moment when Sri Lanka’s interest-rate environment is gradually easing, allowing well-capitalised primary dealers to expand their trading portfolios and secure long-term positions in government securities.

Company chairman Senaka Weerasooria told journalists in Colombo that the IPO is not merely a capital-raising exercise, but a reinforcement of the disciplined structure that has defined the company since its inception.

He noted that WTS enters the public market with what is already one of the most robust capital bases in the industry, and with “absolute confidence that investors are joining a journey that has consistently returned value.”

Weerasooria said the capital infusion will further solidify WTS’s ability to absorb volatility, particularly amid cyclical movements in Treasury yields.

Despite maintaining a conservative trading outlook, the company has managed to average a 31% ROE over the past twelve years — a figure management repeatedly highlighted as evidence of resilience across both tightening and loosening rate cycles.

Managing Director and CEO Romesh Gomez said that in recent months the direction of policy rates and market liquidity has begun shifting favourably, creating clear value-accretion opportunities for disciplined portfolio expansion. With additional capital, he noted, WTS has greater room to capture advantageous auction positions, broaden secondary market activity and align its investment scale to emerging market windows.

Gomez acknowledged that FY25 reflected compressed performance due to systemic realignment, with revenue at Rs. 4.6 billion and PAT at Rs. 1.2 billion. However, he pointed out that profit sustainability, even through a difficult cycle, speaks to strong operational controls. The A- rating with a Positive outlook continues to stand, reinforcing the company’s position as a stable counterparty in a specialised sector.

Asia Securities Advisors, managing the IPO, pointed out that the offer price of Rs. 7 presents meaningful upside when benchmarked against underlying valuation metrics. The move into the listed environment, they noted, enhances governance visibility — a point increasingly valued among institutional investors participating in the Government securities market.

By Ifham Nizam

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BoardPAC achieves Carbon Neutral Certification for the fourth consecutive year

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BoardPAC, the global leader in digital board meeting automation, has secured the Carbon Neutral Certification for 2024, marking the fourth consecutive year the company has achieved this milestone. The certification, awarded by the Sri Lanka Climate Fund (SLCF) under the Ministry of Environment in October 2025, underscores BoardPAC’s commitment to environmental sustainability and responsible corporate governance.

BoardPAC’s operations, spanning over 40 countries, were assessed against the ISO 14064 – 1:2018 standard, and the company’s organization-level Greenhouse Gas (GHG) emissions were successfully offset, reflecting its ongoing commitment to reducing its environmental impact.

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Uber marks 10 years in Sri Lanka: Moving People, Powering Livelihoods, Impacting Communities

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Uber today marked ten years of operations in Sri Lanka, a decade in which the platform has reshaped how people commute, and how thousands of Sri Lankans earn a livelihood. Over the past decade, ride-hailing has become one of the most transformative shifts in Sri Lanka’s urban mobility landscape, providing safe, reliable and affordable transport at scale.

Chathuranga Abeysinghe, Deputy Minister for Entrepreneurship, Ministry of Industries and Entrepreneurship Development, Government of Sri Lanka, graced the milestone event as the Chief Guest. U.S. Ambassador Julie Chung attended as the Guest of Honor, joined by Akanksha Singh, Head – South Asia Markets, Uber, and Kaushalya Gunaratne, Country Manager – Mobility, Uber Sri Lanka.

As per the 2024 Sri Lanka Economic Impact Report, compiled by global policy research firm – Public First, Uber and Uber Eats together generated over LKR 160 billion in economic activity in Sri Lanka within a single year. Since its entry in Sri Lanka in 2015, Uber rides have covered over 1.15 billion kilometers – equivalent to nearly 3000 trips from Earth to the moon! Over 320,000 Sri Lankans have earned through the platform as drivers.

Uber has also supported the tourism ecosystem, enabling more than 700,000 airport trips, connecting visitors seamlessly to their destinations. Over the last year, we’ve further intensified our service in the Western and Central provinces and expanded our offerings in the Southern and Northern provinces – bringing its services closer to more communities across the country. Uber has emerged as one of the most preferred ride-hailing platforms across the island, offering affordable, reliable, and safer rides at different price points.

Deputy Minister for Entrepreneurship, Ministry of Industries and Entrepreneurship Development, Government of Sri Lanka, Chathuranga Abeysinghe, said, “Over the past decade, Uber has become part of the fabric of daily life in Sri Lanka – not only by helping people get where they need to go, but by enabling thousands to earn an income with dignity and flexibility.

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