May 12, 2015 (LBO) – Sri Lanka’s Minister of Power and Energy says that there are no plans to increase the electricity tariffs this year.
“We are not planning to increase the electricity tariffs during the course of this year,” Minister, Power and Energy, Patali Champika Ranawaka said.
“This is because the Ceylon Electricity Board (CEB) and the Lanka Electricity Company (LECO) are both at a very stable financial position now,”
“So no matter what statements are made by anybody I can assure that the electricity tariff will remain unchanged.”
However, the state-owned power utility recorded a loss in 2014 as drought in the early part of the year forced it to rely more on high cost fuel oil electricity generation.
According to provisional financial data, the CEB’s operating loss in 2014 was 11.7 billion rupees.
Sri Lanka Ceylon Electricity Board has made operating profits of 24.6 billion rupees in 2013, the Central Bank reported.
The 2013 profit was an improvement on the 2012 loss of 62.1 billion rupees helped by a 2.5 billion rupee monthly increase in revenues from a tariff hike.