Connect with us

Business

Sustainable Energy Authority discourages energy-wasting refrigerators from entering the market

Published

on

Appliance energy labeling (MEP) is a key programme conducted by SLSEA

Damro, Singer, Abans now facilitating customers to purchase MEP refrigerators

About 30% reduction of electricity bills expected for a participating household

By Sanath Nanayakkare

The single largest expense item in the residential electricity bill is the refrigerator unless the particular house is air-conditioned. The effect is more pronounced when the refrigerator is ageing – typically past ten years of service. In this context, Sri Lanka Sustainable Energy Authority (SLSEA) launched a pilot refrigerator replacement project on 17th February 2023 at the BMICH. Simultaneously, a Minimum Energy Performance (MEP) label was introduced to 15 models of refrigerators offered by three major appliance Vendors; namely, Damro, Singer and Abans), allowing the customers to choose an efficient model in their next purchase.

The launch was held to encourage the refrigerator suppliers to join the voluntary energy labeling programme and create awareness of the MEP label for refrigerators among the general public.Appliance energy labelling programme is one of the key programmes conducted by SLSEA. The objective of this programme is to progressively reduce the energy consumption of appliances by encouraging energy efficient products to flourish in the market, while discouraging energy wasting products from entering the market. This is achieved by letting the buyers identify energy efficient products at the point of sale through a label carrying important energy usage information.

Once the scheme is elevated to a mandatory programme through regulation, it will be possible to prohibit the manufacturing, importation and sales of inefficient products in the country.Energy labels with star ratings will be gradually introduced to these appliances after the market adapts to MEP labels and stabilises. Display of the MEP label on refrigerators will be on a voluntary basis at present and it will be made mandatory within this year.

Residential electricity users are encouraged to purchase efficient refrigerators with MEP energy labels as a key measure helping to reduce their electricity bills as well as the cost of fuel imports to the country.

The pilot project aims to replace 1,000 old refrigerators with new MEP compliant and energy efficient refrigerators in the Western Province, saving 480,000 kWh of electricity per year. This translates to an approximately 30% reduction of electricity bills of a typical participating household.

The pilot project will be used to measure and document the actual savings and to test an elaborate network of disposal for the discarded refrigerators and related hazardous material. The pilot project is expected to be enlarged to cover the whole country, removing 500,000 units within five years, saving 500GWh of electricity (approximately 3% of national electricity use), SLSEA said.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Pan Asia Bank posts steady performance during FY 2023 –

Published

on

Aravinda Perera- Chairman & Naleen Edirisinghe - Director CEO of Pan Asia Bank

Profit before Tax increases by 258% amidst external challenges

Pan Asia Banking Corporation PLC reflected a steady performance amidst multitude of adversities emerging from challenging macro-economic conditions as the Bank reported its financial performance during 2023, which showed judicious portfolio management and prudency exercised in dealing with possible fallout on its asset quality in challenging times.

The Bank reported a Pre-tax Profit of Rs. 2,328 Mn for the year ended 31st December 2023, which is 258% increase compared to corresponding period last year, supported by improved net interest income, increased trading gains from government securities and reduced exchange losses.

The Sri Lankan economy has experienced some positive signs of gradual economic recovery and a measure of stability in macro-economic factors compared to the previous year, with the appreciation of LKR against USD and the IMF bailout followed by the Domestic Debt Optimization (DDO) announcement. The multiple economic scenario models used regarding collective impairment in 2022 were continued in 2023 to ensure that adequate buffers were in place to absorb any potential credit risk that could arise in the future. The allowance for overlays applied in previous year was continued and maintained during 2023 too. Meanwhile, the Bank managed to end the year with healthy credit quality matrices due to improved credit underwriting standards and concerted collection & recovery efforts despite the contraction in the loan book during 2023 which impacted the Bank’s Stage 3 Loan Ratio adversely.

Furthermore, the Bank increased impairment provision buffers held regarding investments in International Sovereign Bonds of Government of Sri Lanka (SLISBs) further during 2023 with the expectation of possible adverse outcomes of the on-going government External Debt Restructuring (EDR) programme. The Bank recognised an impairment charge of nearly Rs. 2 Bn regarding International Sovereign Bonds during 2023.

The interest income for the year 2023 rose by 39% due to the high interest rates that prevailed during the period under review compared to corresponding period of the last year and the re-pricing effect of facilities in response to the market conditions. Further, the growth in interest income was supported by the increased interest income from Rupee denominated securities of the Government of Sri Lanka (T-Bills & Bonds) due to increased investments and high interest rates offered on such new investments compared to the previous year. Consequently, the net interest income increased by 9% in 2023 compared to the last year. (Pan Asia Bank)

Continue Reading

Business

SLT-MOBITEL celebrates the season of love with exciting giveaways

Published

on

SLT-MOBITEL, the National ICT Solutions Provider, celebrated Valentine’s Day with a series of heartwarming promotions and networking activities, spreading love and joy for customers across the country.

Connecting hearts from all around the world on social media, SLT-MOBITEL invited participants to share their loving memories for a chance to win movie tickets. Customers were also given the opportunity to dedicate romantic ringing tones to their loved ones by dialling special codes.

As part of the Valentine’s Day celebrations, SLT-MOBITEL also offered a special promotion, providing a special screening for the glamorous movie ‘Sihinayeki Adarey’, powered by SLT-MOBITEL. Furthermore, customers were treated to a surprise bonus of 10GB of free data upon recharging their SLT-MOBITEL mobile numbers with Rs. 500 or more through any banking app.

Taking love to the hill country, in a special engagement event at the Kandy City Centre, fans were able to participate in activities and interact with the ‘Sihinayeki Adarey’ cast including Hemal Ranasinghe, Sheshadri Priyasad, and many others.

Through these exciting promotions, SLT-MOBITEL helped spread love and joy this season while enhancing the customer experience with exclusive activities.

To discover more of SLT-MOBITEL’s Valentine’s Day promotions, visit https://www.facebook.com/SLTMobitel.

Continue Reading

Business

Call for Proposals: Saman Kelegama Memorial Research Grant 2024

Published

on

The Institute of Policy Studies of Sri Lanka (IPS) is inviting proposals for the Saman Kelegama Memorial Research Grant 2024. The grant is an annual, merit-based grant awarded to an outstanding undergraduate studying in a Sri Lankan university. It aims to promote policy entrepreneurs among undergraduates by encouraging policy-relevant, rigorous and innovative socio-economic research.

The grant was established in 2018 to honour Dr. Saman Kelegama’s legacy of independent research and public policy engagement in socio-economic development in Sri Lanka and the wider South Asian region. Dr. Kelegama was the Executive Director of the IPS from 1995 to 2017.

Fourth-year undergraduates studying economics or a related subject in a University Grants Commission approved university or higher education institution in Sri Lanka are eligible to apply. Proposals must be written according to the guidelines provided and emailed to tharakam@ips.lk on or before the submission deadline of 30 April 2024.

HOW WILL THE WINNER BE CHOSEN? The quality of the proposals will be judged for its policy relevance, feasibility, originality and creativity. Three finalists will be chosen and invited to present their proposals at the IPS, where the award recipient will be selected.

OUTCOMES OF THE GRANTS – The recipient will be expected to produce a Policy Discussion Brief within six months of receiving the grant. The research report can be written individually or jointly with an IPS senior researcher.

BENEFITS OF THE GRANT – The beneficiary will be awarded a one-time research grant of LKR 200,000 to carry out the proposed research and a three-month internship at the IPS. The recipient will be able to seek guidance from senior researchers and benefit from IPS resources to complete the proposed study during the internship. To enable students from all over Sri Lanka to benefit from this opportunity, the terms of the internship will be flexible. The internship can either be a fully in-house internship at IPS, or it can be an in-house plus online internship. In the case of the second option, the in-house component of the internship should be at least six weeks. To encourage research dissemination, an additional subsidy will be provided for presenting the research findings at local conferences and workshops.

Important Dates

30 April 2024 – Deadline for Submission of Proposals

01 June 2024 – Announcement of Finalists

23 June 2024 – Announcement of the Winner

Further information is available at: https://www.ips.lk/saman-kelegama-memorial-research-grant/

Continue Reading

Trending