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Saturday, February 4, 2023

The new year begins with another massive electricity tariff hike

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Cabinet has approved a hike in electricity tariffs under two steps in January and June 2023.

Although the electricity tariff has been increased in the past, it is not sufficient to cover the loss of the electricity board and thus, the request to increase the electricity bill has received cabinet approval. The aforesaid was disclosed at the Sub Committee on Identifying the Short & Medium-Term Programmes related to Economic Stabilization of the National Council held yesterday (29).

Accordingly, the Cabinet has approved to increase the electricity tariffs under two steps in January and June 2023, and accordingly the relevant measures are to be taken for the purpose of obtaining approval of the Public Utility Commission, said Mr. Rohan Seneviratne, Additional General Manager of the Electricity Board.

This was disclosed at the Sub Committee on Identifying the Short & Medium-Term Programmes related to Economic Stabilization of the National Council held under the Chairmanship of Hon. Patali Champika Ranawaka, Member of Parliament.

The representatives of the government and private institutions related to the power sector were called before the Committee to obtain proposals for the purpose of solving the issues in the power sector.

In order to cover the current loss, the electricity bill should increase by about 70%, the electricity board representatives said.

The chairman of the committee also pointed out the dangers such as the collapse of businesses even if the electricity tariffs are increased with the aim of covering the loss of the electricity board.

It was also disclosed that the Electricity Board currently owes nearly 650 billion rupees as loans to various parties including banks and electricity suppliers.

Electricity Board representative stated that out of the amount to be paid, nearly Rs 35 billion is to be paid to the organizations that supplied renewable energy and Rs 75 billion are to be paid to Thermal power suppliers.

Thus, it was said that it is expected to least make part payment to the suppliers from the Rs 50 billion loan expected to receive.

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