Sri Lanka to Review and Revise Electricity Tariffs by July, Says Minister
Sri Lanka’s Power and Energy Minister, Kanchana Wijesekera, has announced that the country’s electricity tariffs will undergo another review and revision by July this year. This move comes in line with a government policy and Cabinet decision taken in December 2022 to implement a cost-reflective pricing mechanism and to review and revise electricity tariffs biannually in January and July of every year.
The decision to revise the tariffs is expected to impact the country’s energy sector significantly, with stakeholders and consumers eagerly awaiting the outcome. Minister Wijesekera noted that the revision would be made while adhering to the government policy and Cabinet decision, ensuring that the process is fair and transparent.
The Cabinet’s decision to implement a cost-reflective pricing mechanism is part of Sri Lanka’s broader efforts to reform its energy sector and make it more sustainable. The country has been grappling with rising energy costs and is looking to shift towards more renewable energy sources to reduce its reliance on fossil fuels.
As the government moves ahead with its plans to reform the energy sector, the review and revision of electricity tariffs are expected to play a crucial role in ensuring that the sector remains competitive and sustainable in the long run.