Written by Lahiru Fernando
02 Sep, 2017 | 10:43 pm
The Ceylon Electricity Board suffered a staggering loss of Rs. 13.2 billion in 2016.
This is an essential service to the general public. Nevertheless, unfortunately, the loss will also eventually be borne by the general public….
Interestingly, while the CEB suffer through record losses, there are certain individuals who have turned power generation into a lucrative stream of income.
At present, 15% of the country’s electricity demands are being met through Independent Power Producers (IPP) who generate this electricity through privately owned diesel power plants.
The Ceylon Electricity Board has entered into a 25 year power purchasing agreement with West Coast Power Pvt. Ltd.
According to the agreement;
In 2016 alone, CEB paid West Coast Power Pvt. Ltd. Rs. 29.484 Billion for the purchase of electricity.
While the company is generating record profits, serious suspicion has arisen with regard to the disbursement of those profits.
What happens to the profits of this company?
News 1st investigations have revealed a great deal of information in this regard.
10 May, 2021 | 09:58 AM
10 May, 2021 | 12:26 AM
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