Mr.Wijesekersa said that the Electricity Tariffs will be reviewed & revised by July 2023, keeping in line with the Government Policy & Cabinet decision taken in Dec 2022.
This is to implement a cost reflective pricing mechanism and to review & revise electricity prices biannually in January & July of every year, he tweeted.
He also noted that cabinet approval was granted the Ceylon Electricity Board to adopt a new formula to calculate the feeding tariff for Renewable Energy projects to encourage more investments to the sector.
“Formula will be variable over 20 years & front loading the first 10 years taking into account Average Weighted Prime Lending Rate(AWPLR), Treasury Bill Rate (TBR), Exchange Rate & Inflation. An investment premium up to 3% is made available for selected projects. Developers will have the option of choosing the variable feeding tariff formula or the fixed tariff formula that was introduced last year. New formula will only be available to new power purchasing agreements,” he tweeted.