Potential relief for electricity consumers next year with anticipated improvement in CEB’s financials

Electricity consumers are likely to get some relief next year from the thrice-hiked electricity tariff with  Power and Energy Ministry sharing that likely improved financial performance of the Ceylon Electricity Board (CEB) will be passed down.
Minister of Power and Energy Kanchana Wijesekera, on Saturday (25) stated that “in the event” of the CEB realising any operating profit by December, attributed to the favourable rain conditions, a strategic decision has been made to pass down these gains to consumers in April.
The bloated CEB is currently facing a financial deficit of Rs.12 billion.

Despite the current status of the utility, Wijesekera expressed confidence in the possibility of a “positive turn in the financial outlook,” as indicated in the upcoming financial report of the CEB in December.
However, he noted that despite the occurrence of rains, the CEB has not yet achieved a financially profitable position. 
“The current rain situation has yet to contribute to the desired positive impact on the Board’s financial standing. The Board is closely monitoring the situation. 

If operational profits are realised by December, as determined through financial calculations, a concession will be extended to consumers in April, aligning with the commitment to pass on benefits to the public contingent upon favourable financial outcomes,” he said.
Further, with efforts underway to restructure the CEB, the Minister said they would bring about improvements in efficiency, quality, and reduction of wastage. 

The initiative takes into consideration existing laws and regulations in various countries worldwide. 
The implementation of the restructuring plan is slated to follow the submission of the draft, incorporating feedback and suggestions from various stakeholders, including experts of the relevant field. 

The continuity of the Public Utilities Commission is expected to remain unchanged, operating in a manner consistent with current practices, said Wijesekera.
Cabinet nod was given last week to go ahead with the proposed reforms for the electricity sector. 
Wijesekera went on to share that measures are also underway to officially gazette and submit the new Electricity Bill to parliament within the coming weeks for approval. 
“The intention is to facilitate a comprehensive debate on the proposed Act during parliamentary sessions scheduled for January of the following year,” he said.