Sri Lanka to Revise Electricity Rates Before March

Sri Lanka to Revise Electricity Rates Before March

by Zulfick Farzan 13-02-2024 | 6:49 AM

COLOMBO (News 1st); The Public Utilities Commission of Sri Lanka (PUCSL) has announced plans to revise electricity rates before March, following public consultations and analysis of proposals submitted by the Ceylon Electricity Board (CEB).

PUCSL Chairman, Manjula Fernando, confirmed that public comments will be gathered on February 15th at the Bandaranaike Memorial Conference Hall. 

He stated, "After public consultation, the commission will meet and take immediate steps to reduce the rates."

This initiative follows a request by the PUCSL for the CEB to propose revised tariffs, considering 2023 profits and favorable hydropower capacity.

On January 16th, the CEB presented a proposal recommending a 3.34% reduction. 

However, the PUSCL identified concerns in the CEB's proposal.

The proposal included a 100 MW electricity purchase without commission approval and from unlicensed sources.

Depreciation for power plants was included in capacity charges, even though these were built with government funds, leading to an inflated cost estimate for 2024.

The PUSCL deemed the proposed distribution cost for 2024 to be an overestimate.

The CEB's 2023 profit of 48.722 billion rupees was not factored into the proposed reduction.

The PUSCL emphasized its commitment to transparency and invited public input through oral comments at the Bandaranaike Memorial Conference Hall. The registration period for this session closed on Monday, 12th February.