News
GoSL-New Fortress agreement: Engineers frown on modus operandi, gas supply contract
By Ifham Nizam
The government had done the right thing when it came to attracting investment into the energy sector, but the methodology it adopted was questionable, especially in signing such an important deal so hastily at midnight, senior independent engineers said.
They told The Island that with regard to New Fortress (NF) buying shares in Yugadhanavi it boiled down to a foreign direct investment at a time the country badly needed foreign exchange.
The government has signed a share sales agreement with NF to sell 40% of shares held by GOSL in Yugadhanavi power plant for USD 250 million, which is in line with the government Chief Valuer’s valuation as stated by GOSL.
“After all, the investor has to take his return through dividends from operations over 15 years and convert it to repatriate. Dividend declaration would be decided by the majority of shareholders and depend on availability of cash. When considering Sri Lanka’s current rating (C grade) this single investment of USD 250 million is a substantial contribution in terms of boosting foreign reserves and builds confidence in other investors,” a senior engineer said.
With NFE’s investment in the Floating Storage Regasification Unit (FSRU) terminal, overall foreign exchange inflow would be nearly USD 300 million.
A senior engineer at the Kerawalapitiya Plant said that CEB’s concern should be the gas price which would have a direct impact on its operations.
The senior engineer expressed concern about allowing FSRU terminal project to NF while a tender called by the CEB for the FSRU was being evaluated.
“Sri Lankan government being able to sell 40% for a 10-year-old heavy fuel oil (HFO) fired power plant for USD 250 million was a good deal but the problem is that it was linked to the gas supply, the top engineer said.
As far the West Coast Power Ltd., the owner of Yugadhanavi power plant, GOSL has 50%, EPF has 27% and LECO has 18.2% and Lakdhanavi has 4.8%.
A senior engineers said, ” The value of 250 USD for 40% is a good price on an assets base and future income based. The CEB will pay all future capacity charges in Sri Lankan rupees. There will be no change in capacity or fixed charges because a foreign investor is coming in. PPA and IA do not prevent change of shareholders. Similar changes in shareholding happens in the AES power plant, which is now owned by Sojitz Japan.
With the sale of shares the GOSL has allowed NF to supply Natural gas to Yugadanavi and the new power plant to be constructed. This could be a concern for the CEB.
Yugadhanavi now operates with Low Sulfur HFO, which is an imported product supplied through CPC; it is more expensive than normal HFO. However, at present, CPC refines and supplies low sulfur HFO.
When Yugadanavi operates on natural gas, the power capacity can be increased by 10% and fuel efficiency will be better. Therefore the overall tariff to the CEB will be lower than operating with HFO.
The new power plant to be built by NFcan run on natural gas or diesel only.
The issue may be how a US company has been selected to buy shares and supply gas. Selling shares is GOSL’s prerogative, which other shareholders or the CEB cannot challenge.
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Advisory for Severe Lightning issued to the Western, Sabaragamuwa and Southern provinces and Badulla and Nuwara-Eliya districts
Advisory for Severe Lightning Issued by the Natural Hazards Early Warning Centre at 11.30 a.m. 14 February 2026 valid for the period until 11.30 p.m. 14 February 2026
Thundershowers accompanied with severe lightning are likely to occur at some places in the Western, Sabaragamuwa and Southern provinces and in Badulla and Nuwara-Eliya districts after 1.00 p.m. There may be temporary localized strong winds during thundershowers.
The General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
Avoid using wired telephones and connected electric appliances during thunderstorms.
Avoid using open vehicles, such as bicycles, tractors and boats etc.
Beware of fallen trees and power lines.
For emergency assistance contact the local disaster management authorities.
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Teacher recruitment examinations will be conducted in accordance with the relevant court decisions – PM
Prime Minister Dr. Harini Amarasuriya stated that the forthcoming two teacher recruitment examinations will be conducted in accordance with the relevant court decisions pertaining to the ongoing legal proceedings and further noted that, taking into consideration the requests received, steps have been taken to make a request to Court’s approval to revise the conditions of the effective date of degree completion.
The Prime Minister made these remarks while addressing a meeting held at Monaragala Royal College to brief education authorities of the Monaragala District on the new education reforms.
Under the new education reforms, Smart Boards will be provided to 132 schools in the Monaragala District as part of the program to equip secondary schools with modern technology. As a symbolic step under this initiative, Smart Boards were presented to 10 secondary schools under the Prime Minister’s patronage. This program is being implemented with the intervention of the Digital Task Force operating under the Prime Minister’s Office. It was also emphasized that a new digital policy, formulated with special attention to child protection, will be introduced in April.
As part of her visit to the Monaragala District on the 13 th of February, the Prime Minister observed the implementation of the new learning methodologies introduced for Grade One under the new education reforms. She visited Kumbukkana Sri Shanmugam Tamil Maha Vidyalaya and Maduruketiya Maha Vidyalaya in Monaragala to observe the educational activities of Grade One students.
Considering the increase of student numbers and the development of infrastructure facilities, the Prime Minister also approved a proposal submitted by the School Development Society to rename Maduruketiya Maha Vidyalaya as Monaragala Dharmaraja Maha Vidyalaya.
Teachers briefed the Prime Minister that the new education system, supported by revised workbooks and activity-based learning methods, has proven to be effective, with students participating enthusiastically.
Addressing education officials further at the meeting held at Monaragala Royal College, the Prime Minister stated:
“Although this will not provide a complete solution to the existing teacher vacancies, these examinations can offer considerable relief. According to the Court’s previous determination, the effective date of degree completion had been set as 30.06.2025. However, considering numerous requests and following the cabinet approval we have sought Court’s consent to revise this date. We will act in accordance with the decision granted.
Funds allocated for school infrastructure must be utilized transparently and in line with proper planning, and progress must be reported accordingly. We cannot move forward by dividing ourselves along national, provincial, rural, or urban lines. As education authorities, you must make swift and accurate decisions based on correct data.
Further, discussions are already underway within the Piriven Committee of the Ministry of Education to develop Piriven education and to address the issues faced by Piriven teachers.”
The event was attended by the members of the Maha Sangha, Uva Province Governor Attorney-at-Law Kapila Jayasekara, Deputy Minister of Trade and Commerce R.M. Jayawardhana, Member of Parliament Ajith Agalakada, Uva Provincial Education Secretary Nihal Gunarathne, and several officials from the education sector.



[Prime Minister’s Media Division]
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Low-pressure area is likely to form over the southeastern Bay of Bengal around 15th February
Special Weather Bulletin issued by the Natural Hazards Early Warning Centre of the Department of Meteorology
Issued at 10.30 a.m. on 13 February 2026
A low-pressure area is likely to form over the southeastern Bay of Bengal around 15th February.
The general public are requested to be attentive to the future forecasts and bulletins issued by the Department of Meteorology in this regard
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