Sri Lanka information Government Department Sri Lanka

Cabinet proposes Electricity Price Formula; says no option but to increase the tariff

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COLOMBO (News 1st) – Sri Lanka's Cabinet of Ministers decided to intruct the Minister of Power and Energy to introduce a price formula for electricity tariff, similar to the fuel price formula.The Government Information Department in a statement said that the Cabinet of Ministers considered the proposal submitted by the President in his capacity as the Minister of Finance, Economic Stability and National Policies and the Minister of Power and Energy regarding the revision of electricity tariffs.

It was further observed by the Cabinet that the Treasury is not able to provide the necessary funds for the Sri Lanka Electricity Board within the existing financial space and therefore there is no other option but to revise the existing electricity tariffs to ensure a continuous electricity supply in the country while minimizing the impact on electricity consumers as much as possible.

Accordingly, approval was given to proceed as follows:– The Public Utilities Commission of Sri Lanka will further study the proposed revision of electricity charges submitted by the Electricity Board and if any revision is required, to submit the same on or before 15.02.2023.– Until then, the Ceylon Electricity Board and the Public Utilities Commission of Sri Lanka will jointly take necessary measures to implement the electricity tariff revision proposed by the Ceylon Electricity Board with effect from 01.01.2023 as an interim measure in accordance with the amendments to the Public Policy Guidelines currently in force regarding the Power Industry– If the Sri Lanka Public Utilities Commission submits any amendments, the Ceylon Electricity Board will take steps to implement those amendments and make the necessary adjustments to future monthly.

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