The Ceylon Electricity Board (CEB) incurred a loss of Rs. 29,790 million in the first four months of 2023 despite increases in the tariffs, said a report on state finances.
The report by the economic stabilization ministry attributed this loss to an increase in demurrage and a failure to cover an escalating cost of production.
Also, the CEB’s capital expenditure rose to Rs. 23,260 million from the previous year as a result of an increase in bank interest rates.
The direct production cost went up by 55 per cent following increases in global fuel and coal prices.
During the period, the consumption dropped by 22 pc, from 4,935 gwh to 4,516 gwh, as against the same period last year, said the report.
The CEB earned 180,110 million from the sale of electricity during the period under review.