Feb 21, 2011 (LBO) – Sri Lanka’s state-run power utility, the Ceylon Electricity Board, came out of the red in 2010 but is expected to make a 16 billion rupee loss in 2011 on a planned path to break even in 2014, power minister Patali Ranawaka said. The Ceylon Electricity Board made a profit of 2,442 million rupees after charging 15.6 billion rupees of depreciation and being unable to collect 2.6 billion rupees worth of power for street lighting the minister he said.
“2010 is temporary win,” Ranawaka said. “By 2014 we will be making profits. But this year the financial situation at CEB is much stronger and we have paid many debts.”
He said better rainfall in 2010 was not the only reason for the utility to make profits, as there had been prior years with a similar thermal to hydro generation mix, when it had made large losses.
The CEB had made sales of 120.5 billion rupees in 2010 but was only able to collect revenue of 118.1 billion rupees because the cost of street lighting was not given to it either by local authorities or the Treasury, he said.
The utility had total cost of 121.6 billion rupees including 65 billion rupees paid to independent power pr