Sri Lanka's electricity regulator permits hiking power tariffs by 66%
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Sri Lanka's electricity regulator, Public Utilities Commission (PUCSL), on Wednesday approved increasing the electricity tariff by 66 per cent with effect from the same day.
The PUCSL in early January had received a proposal from the state-owned electricity producer, Ceylon Electricity Board (CEB), to increase electricity tariffs by 66 percent to avoid losses, Xinhua news agency reported.
It took about six weeks for the PUCSL to come to an agreement.
The CEB suffered an estimated loss of Rs 152 billion ($416 million) in 2022, according to official data.
Sri Lanka raised electricity tariffs by 75 per cent in August 2022. However, the CEB said it continued to make losses and in January 2023, the cabinet of ministers authorized another tariff hike.
The PUCSL must authorize any tariff changes before they can be implemented.
