CEB and CPC on the track of financial stability: Minister

Minister of Power and Energy Kanchana Wijesekera expressed strong confidence in the government’s programme aimed at promoting financial stability within both the CEB and CPC.

In response to various accusations regarding the revision of electricity prices, the Minister addressed the concerns and emphasized that the government had provided significant relief to 3.5 million out of the total 6 million consumers, with a substantial 55% reduction in electricity prices during June’s revision.

During a press conference, the Minister stated that the country had faced challenges in the past year, including fuel queues and power cuts. However, thanks to the government’s decisions, significant progress has been made in eliminating fuel queues and ensuring a continuous supply of electricity.

The revision of electricity prices occurred in both January and June, benefiting approximately 6 million households. Notably, around 3.5 million consumers who utilized 30 to 60 units of electricity experienced a 55% price reduction. The industrial sector also received concessions during the price revision. Moreover, out of the approximately 40,000 registered religious shrines, about 15,000 of them consumed less than 30 units of electricity and were thus eligible for concessions.

The Electricity Board had been grappling with substantial financial losses, amounting to a total loss of Rs. 409 billion in the past. However, there has been significant improvement as last year’s loss reduced to Rs. 167.2 billion. The government successfully completed all payments to suppliers and created a favorable environment for the initiation of new renewable electricity projects.

Furthermore, steps were taken to eliminate a debt of Rs. 120 billion from the balance sheet of the Petroleum Corporation, resulting in an improved financial position for the Electricity Board.

Leave a Reply

Your email address will not be published.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

Back to top button