Minister of Power and Energy Patali Champika Ranawaka says that his Ministry has developed a comprehensive Sri Lanka Energy Sector Plan for a knowledge based Economy for a ten year period until 2025.  

“This is for the entire energy sector of the country minimizing our dependence on importing fossil fuel for energy generation and to offer our citizens an affordable and cleaner and green energy in the future,” he said.

The minister was addressing a Climate Change Forum on ‘Favouring a green economy and sustainable urban development’ organised by the Embassy of France in Colombo today (10).
 
He stated that for the first time since many years entire energy sector institutions have been joined under one roof.

This includes subjects of power, renewable energy, petroleum exploration, distribution and also atomic energy as well.

“Our aim is to develop the entire energy sector institutions into a collective synergetic mass so that efficiency and effectiveness of the entire sector will be improved paving way for ultimate energy security of the country,” he said.

It has been calculated that nearly 50 % of Sri Lanka’s export income has to be spent to meet the country’s import  demand of fossil fuel which is equivalent to approximately  5 billion US$ annually, the minister revealed.

“This is an astronomical figure which needs serious attention. This should not be continued if our country is to be developed and we need to find alternative strategies to meet our energy demands sustainably and economically.”

“We need to create our energy independence also so that we will not be vulnerable to external shocks.”  
Ranawaka said his ministry is now in the process of approving 100 MW of renewable energy projects including mini hydro, solar, solar thermal, waste to energy etc. as a major step in this direction.

The strategy is prepared under Eight Thrust areas with the objective of providing reliable, sustainable, affordable and high quality energy supply for Sri Lanka’s economic prosperity, he said.

“We are working on introducing a pricing formula in the near future,” he said, adding, this will be based on correct variables and indices for both electricity and fuel so that the entire pricing process will be transparent to the general public.

“What we need is to find the correct balance between the environmental preservation and our economic prosperity.”