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Power sector restructuring completed; new state-owned entities established: Govt.

Published

1 month ago

2026/03/10

The NPP governmnet has completed a major restructuring of its power sector, marking one of the most significant transformations in the country’s electricity industry in recent times, Minister of Power and Energy Engineer Kumara Jayakody says.

Addressing directors and senior officials of the newly established institutions in the power sector, while also connecting with employees of the new entities, via Zoom, the Minister said the restructuring programme had now been fully implemented with the objective of strengthening the sector, while ensuring continued state ownership.

Jayakody said the reforms represented a decisive step towards building a stronger and more resilient electricity sector, capable of meeting both present and future challenges facing the country.

“We have completed the restructuring programme that marks one of the biggest transformations in Sri Lanka’s power sector. Let us work together with dedication and commitment, within the newly established institutions, to realise the dream of ‘a prosperous country and a beautiful life,’” the Minister said.

The Minister stressed that the current government had reversed earlier attempts, by the previous administration, to break up the Ceylon Electricity Board (CEB) into 12 entities, as part of a privatisation drive.

Instead, he said, the government had established several new companies that would remain 100 percent state-owned, thereby safeguarding public ownership of the electricity sector, while introducing the structural reforms needed to modernise and strengthen the industry.

According to Jayakody, the restructuring initiative was carefully designed to ensure that the electricity sector would remain under state control while being equipped with the institutional capacity required to address emerging energy demands, technological changes and economic pressures.

He noted that one of the government’s key priorities, during the reform process, had been the protection of employee rights and privileges.

“As a government representing working people, we paid special attention to protecting the rights and benefits of employees. We assure you that the privileges and rights enjoyed by you as CEB employees will continue without even the slightest reduction when you join the new institutions,” the Minister said.

He added that the government had also taken steps to address long-standing grievances raised by employees and trade unions in the power sector.

Jayakody said many of the demands made by workers over the years had now been fulfilled, including some that had not yet been formally requested by unions or employee representatives.

“Many of the issues raised by workers in the past have now been resolved. In some instances, the government moved to address concerns even before they were formally requested by employees or trade unions,” he said.

The Minister also noted that throughout the restructuring process, the government had maintained a regular dialogue with trade unions representing workers in the electricity sector.

He said the authorities had held discussions with union representatives on several occasions and listened to their concerns before finalising key aspects of the restructuring programme.

Jayakody emphasised that the establishment of the new institutions represented a significant milestones in the development of Sri Lanka’s electricity sector.

“At this important moment, when a major step is being taken towards the development of the country’s power sector, I invite all of you to treat this as a national mission and make the fullest use of the opportunities available within these new institutions,” he said.

The Minister also expressed his appreciation to all those who had contributed to the successful completion of the restructuring programme.

He said the transformation of the electricity sector had required the cooperation and commitment of many stakeholders, including officials, employees and policymakers.

Energy sector analysts say the restructuring of the power sector is expected to play a critical role in improving efficiency, governance and long-term planning in electricity generation, transmission and distribution.

Sri Lanka’s electricity industry has faced several challenges in recent years, including rising fuel costs, supply disruptions and the need for increased investment in renewable energy and grid infrastructure.

Officials say the new institutional framework is expected to enhance operational efficiency while ensuring that the strategic assets of the electricity sector remain under state ownership.

The government maintains that the restructuring programme will ultimately strengthen the country’s energy security while supporting broader economic development.

By Ifham Nizam

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Advisory for Severe Lightning issued to the Western, Sabaragamuwa, Central, North-western, North-central, Southern, Uva provinces, and Mannar, Vavuniya, Ampara, Batticaloa districts

Published

2 hours ago

2026/04/21

Priyan

Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre
Issued at 12.00 noon 21 April 2026 valid for the period until 11.30 p.m. 21 April 2026

Thundershowers accompanied with severe lightning are likely to occur in the Western, Sabaragamuwa, Central, North-western, Northcentral, Southern, Uva provinces, and in Mannar, Vavuniya, Ampara, Batticaloa districts after 1.00 p.m.

There may be temporary localized strong winds during thundershowers. 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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Six Foreign Envoys Present Credentials to President Dissanayake

Published

4 hours ago

2026/04/21

Priyan

Two High Commissioners, three Ambassadors and an Apostolic Nuncio-designate of the Holy See presented their credentials to President Anura Kumara Dissanayake at the Presidential Secretariat this morning (20).

The ceremony, held at 10.00 a.m., followed the formal order of precedence, with the envoys representing Papua New Guinea, Somalia, Luxembourg, the Holy See, Pakistan and Kuwait.

Accordingly, diplomats who presented their credentials were:

01. Vincent Sumale, High Commissioner-designate of Papua New Guinea (Based in New Delhi)

02. Abdullahi Mohammed Odowa, Ambassador-designate of Somalia (Based in New Delhi)

03. Christian Biever, Ambassador-designate of Luxembourg (Based in New Delhi)

04. Monsignor Andrzej Józwowicz, Apostolic Nuncio-designate of the Holy See

05. Major General (Retd) Nayyar Naseer, High Commissioner-designate of Pakistan

06. Saleh Mubarak Al-Sarawi, Ambassador-designate of Kuwait

Following the presentation of credentials, the President engaged in a cordial discussion with them. The Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, and the Secretary to the President, Dr Nandika Sanath Kumanayake, were also in attendance.

News

Rs 13 bn NDB fraud: Int’l forensic audit ordered

Published

13 hours ago

2026/04/21

Thilina Walpola

The National Development Bank PLC (NDB), in consultation with the Central Bank, will soon appoint an international firm to conduct a comprehensive forensic audit into the Rs 13.2 billion bank fraud, currently being investigated by the Criminal Investigation Department (CID).

Controversy surrounds the failure on the part of relevant authorities to detect the massive scam that certain employees started perpetrating in mid-2024.

Declaring that day-to-day developments, relating to the NDB PLC, were under scrutiny, the Central Bank said that the NDB, in consultation with CBSL, was in the process of finalising arrangements to engage a leading international firm, with experts from overseas, to conduct a comprehensive forensic audit into the incident.

The Central Bank stated: “The scope of this audit will apart from matters directly related to the commission of this fraud, also fully address and assess any failures on compliance with regulatory requirements on control, oversight and governance during the period in which the fraudulent transactions took place. The forensic audit is expected to commence shortly, and its progress, including any interim findings as well as the final report, will be submitted directly to CBSL who will directly engage with the auditors to the extent considered necessary during the audit.

In parallel, CBSL has directed NDB to take immediate and expeditious measures to strengthen its internal controls and governance processes, with particular focus on addressing identified lapses. NDB has also been required to commission an independent third-party review to assess the adequacy and effectiveness of its policies, procedures, systems, and internal controls.

NDB continues to meet all regulatory requirements relating to capital and liquidity. CBSL remains in close and continuous engagement with the Board and management of NDB, as well as other relevant stakeholders, and stands ready to take any further measures necessary to safeguard the interests of depositors and ensure the stability of the financial system. There is no evidence of any other regulated financial institution suffering any loss arising from the incident at NDB and the public are requested not to be misled by any statements to the contrary made in various fora.”

NDB board directors include Sujeewa Mudalige – former Managing Partner of PwC / Past President of CA Sri Lanka, Hasitha Premaratne – Managing Director of Brandix Group, Shanil Fernando – founding member of Virtusa Corporation and Co-Founder of Sysco Labs, Bernard Sinniah – former Managing Director of Citibank and Kasturi Chellaraja – former Group CEO of Hemas Holdings PLC.

The external auditors of NDB Bank PLC is Ernst & Young.

Meanwhile, the Committee on Public Finance (CoPF) that recently met under the Chairmanship of Member of Parliament Dr. Harsha de Silva observed, with serious concern, that there appear to have been considerable lapses in corporate governance at the bank, deficiencies in supervision by the relevant departments of the Central Bank of Sri Lanka, and undue delays in the reporting of material information.

The Committee firmly underscored that such shortcomings are unacceptable and directed that immediate corrective measures be undertaken. It further emphasised that it will continue to closely monitor this matter and exercise stringent oversight to ensure full accountability, transparency, and the safeguarding of public confidence in the financial system.

The NDB issue was dealt with when the Governor of the Central Bank Dr. Nandalal Weerasinghe, along with members of the Governing Board, the Monetary Policy Board, and senior officials, attended the meeting as part of the Central Bank’s statutory presentation to Parliament conducted once every four months.