No bonuses for CEB if it doesn’t deliver: PUCSL

10 August 2022 08:44 am - 7 - {{hitsCtrl.values.hits}}

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While the PUCSL has partially given in to the repeated demands of the CEB to increase the electricity tariffs, the utility regulator said that the entity must get its act right and deliver positive financial results, else the year-end bonuses should not be paid.

“The CEB has got what they wanted. Now they cannot complain. They can and should go forward with their work and ensure a continuous power supply. Failing to do so, we will not allow for their bonuses to be paid,” said PUCSL Chairman Janaka Ratnayake.

“Though many claim the CEB is run by a mafia, we don’t think so. There are professionals working there, so I am sure they understand. Only well-managed profitable entities receive bonuses, not mismanaged loss-making ones,” he added.

Although the PUCSL has approved an electricity tariff hike, the CEB is expected to meet several conditions presented by the regulator.

Some of the conditions include revising the sales and purchase agreements of interest for security deposits obtained from consumers, conducting an independent dispatch audit for 2021 and opening a bulk supply transaction account.

With the new tariff structure and improved management, Ratnayake said the CEB is expected to cover the costs in the coming six months. The CEB has said its revenue requirement is Rs.505 billion and the tariff hike is expected to generate a revenue of Rs.512 billion.

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Comments - 7

Consumer Wednesday, 10 August 2022 09:44 AM

Surely there cannot be any ridiculous talk of any losses after this massive Tarriff Hike ? The PUCSL Chairman should have made the comments he is now making , before the new price hike.

ravin Wednesday, 10 August 2022 09:55 AM

The way to go. Bonuses are paid according to performance. Under performing no bonus.

Sam Wednesday, 10 August 2022 09:59 AM

How can you even consider paying bonuses for good performance in this climate!

sam Wednesday, 10 August 2022 11:29 AM

Bonus is a payment for making profit. CEB, as long as govt controlled, should never be an organisation operating for profit. CEB employees are the highest paid.

Dee Wednesday, 10 August 2022 12:50 PM

Then, everyone including the hundreds of managers will start doing 'oll time' (that's how most of them pronounce - over time)

Masrour Mahroof Wednesday, 10 August 2022 01:42 PM

CEB should completely Audited before the tariff hike. All financial corruption and irregulities should be thoroughly checked. Then there won't be a need to increase the tariff by 75%. This is going to create a HUGE crisis across all sectors in the country.

Ram Wednesday, 10 August 2022 02:48 PM

It is idiotic to pay bonuses when no profit is shown. Please observe the first principle utilise less than 50% of the profit to pay bonuses. If no profit no bonuses

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No bonuses for CEB if it doesn’t deliver: PUCSL

Comments - 7

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