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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Ceylon Electricity Board has run up losses of 85 billion

Ceylon Electricity Board has run up losses of 85 billion

4 posters

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Teller

Teller
Moderator
Moderator

– Sri Lanka’s state-run Ceylon Electricity Board has run up losses of 85 billion rupees in 2019 power and energy minister Mahinda Amaraweera had said.

The utility also had 200 billion rupees of debt, he had said.

The utility owed 82 billion rupees to state-run Ceylon Electricity Board and another 43,000 billion rupees to private power producers.

The new administration had appointed Vijitha Herath, an engineer as the new chairman.

Amaraweera had asked Herath to save the agency from debt and make it a profitable company.

President Maithripala Sirisena in 2015 cancelled a coal plant in Trincomallee that was about to be advertised.

The last administration was also unable to award a tender to build a 300MegaWatt dual fuel plant, which has now ended up court. (Colombo/Dec20/2019)

Teller

Teller
Moderator
Moderator


The utility owed 82 billion rupees to state-run Ceylon Electricity Board and another 43,000 billion rupees to private power producers.

How 43,000 billion is possible ?

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

Mistake,  cud be 43 Billion.

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

CEB, CPC, Srilankan, Railway, CTB, Sathosa  and such State enterprises (About 50) has destoyed Sri lankan economy. But many people think these are essential and they get goods and services cheaper due to them.. But infact opposite happen. U maybe getting Fuel 5 Rupees cheaper, but ultimately u pay Rs. 10 VAT and other taxes to cover their losses and also their corruption, waste, mismangement, political appointees, innefficiency etc, which is not required if these were privatised properly. Current Govt also against privatisation, but they try to make them profitable with better management, which can be possible upto some extent, but once Govt change, will be back to zero.. Its best they are sold at least partly to private sector.. Govt cant do business, Thats a golden rule, proved everywhere again and again.. SO WHY TRY TO REINVENT THE WHEEL ???

Teller

Teller
Moderator
Moderator

@Nandana,Agree you, 100%

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

At least CEB can be broken into units (areawise, generation, distribution, Maintenance, customer service etc) and run separately and some competition amongst them created then any additional benefits like Bonus paid based on that. Else nothing will happen... another cycle.. same results...

ColomboCSE


Manager - Equity Analytics
Manager - Equity Analytics

NANDANA2012 wrote:CEB, CPC, Srilankan, Railway, CTB, Sathosa  and such State enterprises (About 50) has destoyed Sri lankan economy. But many people think these are essential and they get goods and services cheaper due to them.. But infact opposite happen. U maybe getting Fuel 5 Rupees cheaper, but ultimately u pay Rs. 10 VAT and other taxes to cover their losses and also their corruption, waste, mismangement, political appointees, innefficiency etc, which is not required if these were privatised properly. Current Govt also against privatisation, but they try to make them profitable with better management, which can be possible upto some extent, but once Govt change, will be back to zero.. Its best they are sold at least partly to private sector.. Govt cant do business, Thats a golden rule, proved everywhere again and again.. SO WHY TRY TO REINVENT THE WHEEL ???
Yes totally correct!
not only that... they invest our money EPF/ETF to CSE and taking control the board and assigning bullshit guys to board as director...

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

If you divide 85 Billion by Households, every Family pay Rs. 14000 taxes to CEB in addition to Electricity Bill. But if CEB is privatised, Electricity Bill may even come down with better management.  CPC also same..

Also Srilankan has lost 240 Billion last 10 years. That is about Rupees 42000 taxes from one Family. Interesting thing is that most of these losses are not genuine, they have gone to pockets of some..

If Govt dont privatise them, they should charge losses from public as a different tax.( Say SOE Tax) At least then public will realise importance of running these places properly.

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

privertising is only solution 1lak paid to minor workers thats y loss

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