CEB officials claim Yugadanavi project is a great investment opportunity for country

Senior officials attached to Ceylon Electricity Board (CEB) pointed out that the Yugadanavi project is a great investment opportunity for the country while stressing that it is necessary to consider the long-term benefits while forgetting the short-term issues in order to take advantage of this investment.

At present, more than 95% of the country’s electricity demand is being catered and therefore, low-cost power plants need to be built to meet the people’s electricity needs, otherwise, the electricity tariff hike will be unavoidable, the officials further said.

Chairman of the Electricity Board, M.C. Ferdinando said that the daily electricity demand is increasing rapidly and the production cost per unit of electricity has increased to Rs. 23 – 24. However, the government provides electricity to consumers at Rs. 16.65 per unit. 

The Chairman further said that the country had lost many power generation projects that had been under discussion for a long time due to various reasons and it is vital to increase power generation to ensure uninterrupted power supply.

Responding to questions raised by journalists at a special media briefing held at the Presidential Media Center early this week, officials pointed out that it has become an imperative factor that we should transform to intermediate energy sources with new concepts and new technology such as LNG power generation is a low-cost, environmentally friendly method. 

The success of the Yugadanavi investment project will enable both local and foreign industrialists to consume electricity at a lower cost, Chairman of the Lanka Electricity Company Attorney-at-Law Athula De Silva said.

Electricity Board General Manager M. R. Ranatunga pointed out that 40,000 million units of electricity are required per year to fulfill the total electricity consumption and only by generating this amount at a lower cost, the people will have the opportunity to obtain electricity at concessionary rates.

When asked whether the trade union leaders have held discussions with the authorities on the current situation at the Yugadanavi power plant, Mr. Ranatunga said that no trade union has made a request for a discussion. He also said the authorities are ready to explain the technical process and benefits of the Yugadanavi project.

Responding to a question from a journalist on whether there is a possibility of power cuts in the future, the General Manager said the statements made by some groups to mislead the public should be ignored and that many trade unions have expressed support to provide an uninterrupted power supply.