Sri Lanka raises electricity tariffs by up to 264%

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By Editor_1
A shopkeeper does paperwork with the aid of a bottle lamp amid ongoing power cuts in Colombo – J. SUJEEWAKUMAR/ENCL

COLOMBO – Sri Lanka’s state-run electricity monopoly will raise tariffs by a stinging 264% for people consuming the least, it announced Tuesday (9), while higher users will face a smaller increase.

The loss-making Ceylon Electricity Board (CEB) said the regulator had allowed it to carry out the sharp increases, the first in nine years, from Wednesday (10) to recoup part of its accumulated losses of $616 million.

The CEB had asked for a bigger tariff increase of over 800%, but the regulator capped it at a maximum of 264%, officials said.

Two-thirds of the 7.8 million households using less than 90 kilowatts a month will be affected by the highest increases, while bigger consumers will pay about 80% more, according to official records.

The smallest consumers, currently charged Rs 2.50 a unit, will be charged Rs 8.0. Bigger consumers, being charged Rs 45 a unit, will have to pay Rs 75 ($0.20).

Sri Lanka is facing its worst economic crisis after running out of foreign exchange reserves to finance even its most essential imports such as food, fuel and medicine.

The country is also facing hyperinflation and lengthy electricity blackouts after the CEB was unable to buy oil for its thermal generators.

Unable to repay its $51 billion foreign debt, the government declared it was defaulting in April and is negotiating with the International Monetary Fund for a possible bailout.

-Agence France-Presse

Editor_1
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