Banks to send plans to CEB to recover RE dues
View(s):With payment dues by renewable energy (RE) companies piling up for the past one year, banks are requesting the Ceylon Electricity Board (CEB) to change their accounting methods to better accommodate RE sector payment dues.
They are requesting to convert RE Net Accounting and Net Plus contracts to Net metering where the user consumes electricity generated by the rooftop solar system and excess electricity is injected into the grid to eliminate the payment blockage for banks.
Net Accounting is where a consumer will get paid if their solar-generated power is greater than what is consumed from the grid. If the generated units are greater than the amount consumed, the customer will be paid Rs.22 per unit during the first seven years and from the eighth year will be paid Rs. 15.50 per unit. If the consumption is greater than that generated, the consumer has to pay at the existing electricity tariff for the excess electricity consumed. A Net Plus is when getting paid for the amount of electricity generated using the solar panels fixed on the premises.
“We had discussions with the banks and they came up with the solution. The Banks Association will send in this proposal to the CEB next week,” Lakmal Fernando, Chairman Renewable Energy Council-National Chamber of Commerce told the Business Times on Friday.
He said the recent budget proposals to reduce the Ports and Aviation Levy on inverters is a good move but the DC cables, structures etc also need taxes removed.
He added that till the proper tariff is not released, the industry will not go forward. The unviable new tariff is annihilating the solar industry by stopping new entrants while 50 megawatts of solar projects are still to be connected to the national grid.
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