Sri Lanka scraps CEB privatization plan
November 4, 2024 05:23 pm
The Board of Directors of the Ceylon Electricity Board (CEB) has officially shelved its privatization plans, opting instead to prioritize comprehensive restructuring aimed at boosting efficiency and service quality.
In a statement, the CEB announced that this decision was reached following a meeting held between the Chairman and the Board of Directors on October 23.
Accordingly, the newly outlined restructuring framework will target key organizational reforms to enhance customer satisfaction, improve service standards, achieve sustainable profitability, support social and economic development and improve working conditions for employees.
Additionally, it has also been decided to amend the Sri Lanka Electricity Act and ensure government ownership of all power plants, as well as the transmission and distribution networks without privatization.
To manage the financial and operational aspects of electricity generation, transmission, and distribution, the CEB has proposed an independent mechanism within a single-buyer model. This structure will involve extensive public and stakeholder consultations to support transparent and effective governance.
The CEB Board of Directors has also discussed an ambitious goal to make Sri Lanka’s electricity costs the lowest in the region within the next five years.
