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Sri Lanka to implement cost-reflective tariff formula for electricity

Amid the ongoing economic crisis, Sri Lanka's cabinet of ministers has approved the implementation of a cost-reflective electricity tariff formula

Sri Lanka on approval of implementing cost-reflective electricity tariff. Image via Shutterstock
Sri Lanka on approval of implementing cost-reflective electricity tariff. Image via Shutterstock
IANS Colombo
1 min read Last Updated : Jan 10 2023 | 4:12 PM IST

Amid the ongoing economic crisis, Sri Lanka's cabinet of ministers has approved the implementation of a cost-reflective electricity tariff formula.

Minister of Power and Energy Kanchana Wijesekera told journalists here that the cabinet also granted approval to amend the general policy guidelines for the electricity industry, reports Xinhua news agency.

The cost-reflective pricing will come into effect this month, he said.

Earlier, the Minister said the electricity tariff must be increased by around 65 per cent to ensure a continuous power supply this year.

Sri Lanka increased electricity tariffs in August 2022 as well.

The state-owned electricity producer and distributor Ceylon Electricity Board incurred a loss of over 150 billion LKR ($413 million) in 2022.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :sri lankaelectricity sectortariffsCabinetEconomic Crisisglobal economic crisis

First Published: Jan 10 2023 | 4:12 PM IST

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