Champika Ranawaka elaborates on a financial crisis and electricity bills

Champika Ranawaka elaborates on a financial crisis and electricity bills

Written by Staff Writer

02 Oct, 2014 | 2:22 pm

Minister of Technology, Research and Atomic Energy Patali Champika Ranawaka warns that if the financial crisis at the Ceylon Electricity Board and Ceylon Petroleum Corporation is not arrested, the country will fall into a deep financial crisis.

Minister Ranawaka made this statement at a summit held at the Foundation Institute in Colombo on Wednesday under the theme A Suitable Electricity Price Formula for Sri Lanka.

At the event, Minister of Technology, Research and Atomic Energy, Patali Champika Ranawaka shared these views:

“The financial crisis at the CEB and CPC has now become a crisis in the financial sector. This is a grave situation. If this imbalance is not solved, the country is vulnerable of facing a financial crisis. The CPC and CEB runs today with the blessings of its employees, without whom the institute will be crippled. ”

He noted; “No matter who says what, this country has a petroleum tax of 65 billion per annum. It is essential that price formula be set for the people in the country according to the scarcity in the world market. The Public Utilities Commission was established to ensure if the CPC is functioning according to these price formula. However even today, the PUC has not been given the power to regulate the prices of the CPC.”
Minister Ranawaka expressed the following statements on electricity tariffs.

“There is something called the power grid. And in this grid there are those families who use less than 50 units, so we must do something to protect these families. Because like the Public Utilities Commission of the Colombo University said, if low income families spend 19% of their income on paying electricity bills, those with higher incomes spend just 2% of their income on utilities.”

“It is the country’s responsibility that hydro power is distributed, equally. If there needs to be an inclusive economy, there needs to be focus on generating electricity within the country. We have to be able to attract individuals who could do this and bring in a mechanism to ensure this materializes” he added.

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