Sri Lanka’s CEB posts profits in 2013, with rains, tariff hike

Apr 11, 2014 (LBO) – Sri Lanka Ceylon Electricity Board has made operating profits of 24.6 billion rupees in 2013, the Central Bank said, amid reports that it had lost 24.3 billion rupees in the first quarter of 2014 due to a drought. In 2013 power sales had rise 1.4 percent to 10,475 GigaWatt hours (millions of units of electricity), though domestic consumption fell 1 percent despite the number of consumers going up by 4.5 percent. The tariffs of those consuming below 60 units were not raised.

Sales to hotels had increase 5.0 percent and sales to general purpose customers were up 5.2 percent with industry up 1.9 percent. 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.

The total fuel bill had fallen 30.8 percent to 29.4 billion in 2013 despite a increase of 25 rupees a litre due to higher hydro power generation, the Central Bank’s annual report said.

Last year the average selling price had risen to 18.23 rupees a unit, and the average cost was 17.70 rupees.

Over the past quarter, drought had steeply increased thermal generation, with media reports saying the CEB was losing about 8.0 billion rupees a month.