Fitch Ratings revealed that even if the electricity tariffs are increased by 150%, the income received will not be enough to meet the financial needs of the Sri Lanka Electricity Board or to cover the interest payable to various creditors this year. Sri Lanka Latest News
According to a report released by Fitch Ratings, the CEB had to purchase emergency electricity at a higher cost to meet the electricity shortage due to the decrease in hydropower generation this year.
Sri Lanka’s monopoly power distributor, Lanka Electricity Board, produces and distributes about 75% of the country’s power generation.
By the end of 2023, the government has planned to take over 70% of the debt owed to the Petroleum Corporation and other parties to ease the burden on CEB.
Meanwhile, the Electricity Board has requested permission from the Public Utilities Commission to increase the electricity bill once again.
