The Public Utilities Commission of Sri Lanka (PUCSL) has taken a decisive step by instructing the Ceylon Electricity Board (CEB) to conduct an independent audit concerning its revenue and electricity generation costs. This directive stems from concerns raised over the accuracy of the financial data presented by the CEB to cover its operational expenses.
Highlighting the need for transparency and accuracy in financial reporting, the PUCSL has urged the CEB to designate the entity that will conduct the independent audit before the month’s end. This move aims to ensure a comprehensive and accurate evaluation of the CEB’s revenue streams and electricity generation costs.
Additionally, the PUCSL has advised the CEB to formulate proposals aimed at reducing electricity tariffs, a directive that also needs to be presented before the end of the month.
Following the submission of these proposals, the PUCSL has committed to providing its recommendations regarding potential revisions to the existing electricity tariffs. These recommendations are slated to be announced in January 2024, based on the proposals submitted by the CEB.
This regulatory action signifies a pivotal effort to enhance accountability and transparency within Sri Lanka’s energy sector, aiming to ensure fair and economically sustainable electricity tariffs for consumers.