Business
Sri Lankans served with untruths to deprive them of cheaper electricity – senior energy expert
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.
Sri Lanka’s Central Bank Governor, Dr. Nandalal Weerasinghe, has underscored the critical role of sovereign credit rating agencies in helping debt-distressed nations smoothly transition out of default status after successful debt restructuring.
Speaking at the Global Sovereign Debt Roundtable (GSDR) in Washington DC on the sidelines of the IMF and World Bank Spring Meetings, Dr. Weerasinghe shared Sri Lanka’s ongoing debt restructuring experience.
He highlighted that while restructuring is a crucial step toward economic recovery, rating agencies must play a proactive role in reassessing countries’ creditworthiness fairly and promptly once restructuring is completed.
The GSDR, co-chaired by the IMF, World Bank, and G20 Presidency, serves as a key platform for debtor nations and creditors to address debt challenges.
Sri Lanka, a country which has undergone complex debt negotiations, has been an active participant in these discussions.
Governor Weerasinghe’s remarks come at a pivotal time, as Sri Lanka seeks to restore international investor confidence post-restructuring.
His call aligns with broader discussions at the GSDR on improving coordination between debtors, creditors, and financial institutions to ensure sustainable debt solutions, and help restore international investor confidence in countries such as Sri Lanka.
The roundtable also highlighted the newly introduced Sovereign Debt Restructuring Playbook, designed to guide countries through restructuring processes.
The Central Bank’s push for more responsive and supportive rating agency policies could set an important precedent for other debt-distressed economies as well.
Speaking at the GSDR, Treasury Secretary K M M Siriwardana acknowledged the International Monetary Fund (IMF) as instrumental in stabilising Sri Lanka’s crisis-hit economy, as the country prepares to receive its fifth IMF tranche of $344 million in the coming weeks.
Siriwardana reflected on Sri Lanka’s ‘extremely challenging journey’ since its 2022 economic collapse marked by severe shortages, public unrest, and a loss of confidence in governance.
“Seeking IMF support was a strength, not a weakness,” he asserted, crediting the Fund’s policy framework and technical assistance for reversing the economic freefall.
He highlighted over 200 IMF training programmes conducted to strengthen institutional capacity, stating, “The IMF laid the foundation for stability.”
Notably present at the discussion was Peter Brewer, the IMF’s former Senior Mission Chief for Sri Lanka, underscoring the close collaboration between Sri Lanka and the Fund.
Siriwardana traced the roots of the crisis to political instability between 2017–2019, the 2019 Easter attacks, and contentious tax policies, which collectively deepened Sri Lanka’s economic vulnerabilities. “Yet,” he noted, “Difficult reforms are now yielding positive results.”
By Sanath Nanayakkare
Calcey, a global software services provider, has achieved ISO 27001:2013 certification, the international benchmark for Information Security Management Systems (ISMS). This certification highlights Calcey’s strong measures in safeguarding client data and managing security risks.
The rigorous audit covered Calcey’s security protocols, risk management, and operational processes across its offices in Singapore, Sri Lanka, and the U.S.
Mangala Karunaratne, CEO of Calcey Technologies, stated that this milestone underscores their dedication to top-tier data security, reinforcing trust among clients in the U.S., Europe, and the Nordic regions.
The certification ensures compliance with global security standards, benefiting Calcey’s diverse clientele, from startups to large enterprises.
HNB Assurance PLC (HNBA) has been honored as a ‘Company with Great Managers’ for the third consecutive year at the prestigious Great Manager Awards 2024, organized by the Colombo Leadership Academy.
This year, seven distinguished HNBA managers received individual accolades for their outstanding leadership and contributions: Deepal Punchihewa (SBU Head), Rukshan Wijesinghe (Senior Manager – Underwriting, Group Life & DTA), Niranjan Croos (Senior Manager – Customer Experience), D. P. S. Anuranga Peiris (Software Architect), Asanka Gonagala (Manager – Alternate Channels), Vinu Jayasuriya (Senior Manager – Finance), Amaz Irshad (Senior Manager – Marketing, Digital & PR)
This recognition underscores HNBA’s robust leadership development framework and its commitment to fostering future-ready leaders who drive innovation and excellence across the organization.
Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, remarked:
“Great companies are built by great leaders. This third consecutive recognition reaffirms our investment in cultivating exceptional talent. I commend our award-winning managers for their dedication to inspiring teams and delivering outstanding results. My gratitude also extends to the Colombo Leadership Academy for this esteemed honor.”
Navin Rupasinghe, Head of Human Resources at HNB Assurance, added:
“At HNBA, we empower leaders to drive impact with purpose. This accolade reflects our strategic focus on talent development and fostering a growth mindset. Congratulations to our managers for exemplifying these values daily, and we thank the Colombo Leadership Academy for this recognition.”
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