Electricity prices will be reviewed and revised by July, Energy Minister Kanchana Wijesekera said.
“Electricity prices will be reviewed and revised by July 2023, keeping in line with the government policy and cabinet decision taken in December 2022, to implement a cost-reflective pricing mechanism and to review and revise electricity prices biannually in January and July of every year,” the Minister tweeted a short while ago.
The Minister also stated that Cabinet approval has been granted on Tuesday (02) for the Ceylon Electricity Board to adopt a new formula to calculate the feeding tariff for renewable energy projects to encourage more investments in the sector.
“Formula will be variable over 20 years and front-loading the first 10 years taking into account Average Weighted Prime Lending Rate (AWPLR), Treasury Bill Rate (TBR), exchange rate and inflation. An investment premium of up to three percent is made available for selected projects,” the Minister said.
He said developers will have the option of choosing the variable feeding tariff formula or the fixed tariff formula that was introduced last year. The new formula will be available for only new power purchasing agreements.
A Thai woman walking topless in Arugam Bay town has been arrested by the Police.
The UK government has unveiled a package of reforms to simplify imports from developing countries which allows for more garments manufactured in Sri Lanka to enter the UK tariff-free.
The Cabinet has approved a proposal for Sri Lankans overseas to apply for their passports through an online system via the Lankan diplomatic missions.
Cabinet has approved the appointment of Commodore (retired) M.B.N.A. Premaratne of the Sri Lanka Navy, as the new Commissioner General of Excise.
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