News
PUCSL Chief: Power tariff can be reduced by 27%
Chairman of the Public Utilities Commission of Sri Lanka (PUCSL) Janaka Ratnayake yesterday said that the Ceylon Electricity Board (CEB) could reduce electricity tariffs by 27 percent due to a 107-billion-rupee reduction in estimated expenditure
Ratnayake said that the CEB had obtained approval for significant tariff hike in 2022 and 2023 by concealing the correct cost data. “The CEB has been asked to submit correct data and to reduce the electricity tariffs on par with the actual cost reduction.
“The electricity tariff was increased by 66 percent in February based on wrong data. At that time, the tariff should have been increased by only 35 percent. Ahead of the last tariff revision, we pointed out that the electricity demand of 16,550 gigawatts estimated by the CEB was incorrect. Our estimate was that electricity demand this year would be limited to 15,050 gigawatt hours. In April, the CEB admitted that our estimate was correct. Accordingly, it has informed us in writing that the estimated demand for the coming period of the year is 15,264-gigawatt hours,” Ratnayake said.
The PUCSL Chairman said that due to the decrease in electricity demand, the cost of providing electricity should also decrease. The CEB had initially said Rs 392 billion rupees would be required for the period from July to December 2023, Ratnayake said, adding that only Rs 285 billion would be spent for the next six months.
“Given that the cost has dropped by Rs 107 billion , the electricity tariff should be reduced by at least 27 percent for the upcoming period,” he said.
Ratnayake said all revision proposals should be submitted to the PUCSL according to the Sri Lanka Electricity Act, which says only the reasonable cost of supplying electricity can be charged from the consumer.
Following the conclusion of bilateral discussions between President Anura Kumara Disanayake and Prime Minister of India, Shri Narendra Modi, official-level talks between the delegations of Sri Lanka and India commenced this morning (05) at the Presidential Secretariat in Colombo.
Representing the Government of Sri Lanka were Prime Minister Dr. Harini Amarasuriya, Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath; Minister of Labour and Deputy Minister of Economic Development, Anil Jayantha; Secretary to the President Dr. Nandika Sanath Kumanayake; Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe, along with other senior officials.
The Indian delegation included Minister of External Affairs Dr. S. Jaishankar, National Security Advisor Ajit Doval, Foreign Secretary Vikram Misri and His Excellency Santosh Jha, High Commissioner of India to Sri Lanka, along with several other senior officials of the Government of India.
Indian Prime Minister Shri Narendra Modi, who arrived in Sri Lanka on the invitation of President Anura Kumara Disanayake on Friday [04] night, visited the Presidential Secretariat this morning (05).
The Indian Prime Minister was warmly welcomed by President Anura Kumara Disanayake upon his arrival at the Presidential Secretariat.
Prime Minister Modi is currently on a state visit to Sri Lanka, reaffirming the theme “Friendship of Centuries — Commitment to a Prosperous Future” which symbolises the longstanding ties between Sri Lanka and India. The Indian Premier is scheduled to remain in the country until tomorrow (06).
[PMD]
The official welcoming ceremony for Indian Prime Minister Narendra Modi, was held this morning (05) at the Independence Square in Colombo.
On arrival at the Independence Square the Indian Prime Minister was warmly welcomed by President Anura Kumara Disanayake.
Discussions between Sri Lankan and Indian delegations at the presidential secretariat
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Indian Prime Minister Shri Narendra Modi arrives at the presidential secretariat
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