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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » MR short circuits tariff hike

MR short circuits tariff hike

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sriranga

sriranga
Co-Admin
Apr 30, 2013 (LBO) - Sri Lanka may moderate an increase in electricity tariff imposed from April 2013 amid growing opposition, a media reports said.

Sri Lanka's privately owned The Daily Mirror newspaper quoted power ministry secretary M M C Ferdinando as saying there may be possibility of cutting the tariffs.

The Lankadeepa newspaper said there was speculation of a 20 percent reduction in the increase for users below 150 units.

The report said President Mahinda Rajapaksa was unhappy at the increase amid rising opposition.

Sri Lanka has an established tariff methodology, which has been observed in the breach, but following a public hearing the island's power regulator did not make any changes to the final proposed tariffs of the power utility as expected.

Opposition legislator Harsha de Silva slammed the regulator accusing it of bowing to pressure by agreeing to meet the President and key officials on the eve of the tariff decision, saying users below 48 units who were 'electricity poor' should be insulated.

More than 90 power consumers from as far as Jaffna came to the hearing and its inability to apparently under political pressure to make even small changes to the proposed tariff had contributed to public displeasure and disillusionment critics say.

Though many users said they understood the need for the increase they said it was too steep, as some users faced an increase of up to 50 to 100 percent.

There was also unhappiness over the so-called 'golden unit' where a 1,000 rupee increase was faced in the bill when monthly consumption shifted from 90 to 91 units of power.

Economic analysts say many of these pleas could have been accommodated by the regulator if the necessary institutional independence was given. Even under existing rules, tariffs are to be revised every six months.

Sri Lanka's rulers through several decades have a habit of not raising energy prices regularly by small amounts based on costs and arbitrarily pushing through shock price rises after driving the country into economic troubles and currency depreciation.

Sri Lanka has to raise tariffs to cut losses at state-run Ceylon Electricity Board and Ceylon Petroleum Corporation.

Energy firm losses financed by bank credit, ultimately accommodated by the Central Bank through printed money triggered a balance of payments crisis in 2011 sending the rupee down to 134 from 110 to the US dollar.

The entities now owe more than 200 billion rupees to state banks which are finding it difficult to finance their losses further.
http://www.lankabusinessonline.com/news/Sri_Lanka_may_reduce_electricity_tariff_increase:_report/2146098652

http://sharemarket-srilanka.blogspot.co.uk/

2MR short circuits tariff hike Empty Re: MR short circuits tariff hike Tue Apr 30, 2013 7:00 pm

cseguide

cseguide
Vice President - Equity Analytics
Vice President - Equity Analytics
efficiency should be increased and wastage should be reduced before increase the bill.

3MR short circuits tariff hike Empty MR short circuits tariff hike Wed May 01, 2013 7:35 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
President Mahinda Rajapaksa speaking at the May Day rally said that the government had decided not to increase electricity tariff up to 60 units and that there would be relief up to 180 units.
http://dailymirror.lk/news/28846-mr-short-circuits-tariff-hike.html

4MR short circuits tariff hike Empty Re: MR short circuits tariff hike Wed May 01, 2013 10:49 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Just a political stunt and like everything else in Sri Lanka, now he takes the credit for reducing the tariffs. Shocked
Who takes the blame for appointing incompetent people to such ministries and allow them to do stupid things openly.
As the saying goes, the Buck has to stop at somewhere and that " Somewhere " is pretty obvious to many but do not want to discuss openly.
White vans are still plying openly without plates. Shocked

5MR short circuits tariff hike Empty Re: MR short circuits tariff hike Thu May 02, 2013 7:17 am

Light of Hope


Vice President - Equity Analytics
Vice President - Equity Analytics
Nobody wants to talk about it, well it's all politics and he is good in it. He approved all this in first place, their on trial and error. They put it to the people and when things were not looking good, it becomes a relief now.

@Kithsiri wrote:Just a political stunt and like everything else in Sri Lanka, now he takes the credit for reducing the tariffs. Shocked
Who takes the blame for appointing incompetent people to such ministries and allow them to do stupid things openly.
As the saying goes, the Buck has to stop at somewhere and that " Somewhere " is pretty obvious to many but do not want to discuss openly.
White vans are still plying openly without plates. Shocked

6MR short circuits tariff hike Empty Re: MR short circuits tariff hike Thu May 02, 2013 7:32 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Yes this is politics played nicely. I am sure anyone will see the injustice of Rs 1000 hike over a a golden unit ( 90 to 91) and why it was implemented amongst objection ;-)


@Light of Hope wrote:Nobody wants to talk about it, well it's all politics and he is good in it. He approved all this in first place, their on trial and error. They put it to the people and when things were not looking good, it becomes a relief now.

@Kithsiri wrote:Just a political stunt and like everything else in Sri Lanka, now he takes the credit for reducing the tariffs. Shocked
Who takes the blame for appointing incompetent people to such ministries and allow them to do stupid things openly.
As the saying goes, the Buck has to stop at somewhere and that " Somewhere " is pretty obvious to many but do not want to discuss openly.
White vans are still plying openly without plates. Shocked

7MR short circuits tariff hike Empty Re: MR short circuits tariff hike Thu May 02, 2013 11:00 am

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Al mighty ye shaken by the grief of common man Wink

This tariff joke is only in SL.

8MR short circuits tariff hike Empty Re: MR short circuits tariff hike Thu May 02, 2013 11:34 am

cseguide

cseguide
Vice President - Equity Analytics
Vice President - Equity Analytics
I think the situation is worse now.If electricity is subsidized only for below 60 units who pays that money. ultimately the middle income people should pay for this as well. It will come as separate tariff.

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