Power and Renewable Energy Minister Dr. Ranjith Siyambalapitiya today denied reports that there is a plan to introduce a pricing formula for electricity.

Responding to recent speculations regarding the electricity cost, he stressed that there was no move to introduce a monthly price formula for electricity consumption under the provisions of the Ceylon Electricity Board Act.

Siyambalapitiya said, “If the CEB wants to change the electricity bill, it should first refer to the opinion of the Public Utilities Commission of Sri Lanka (PUCSL) and the PUCSL has to review the way how the changes would affect the public. Therefore, it is a long process and it takes time.”

A proposal had been submitted to the cabinet to appoint a committee to find a way to match the production cost of an electricity unit with fuel price fluctuations in the local market, the Minister said adding that the committee would not be appointed to introduce a price formula but to find solutions to face the issues that the CEB would have to face with the fuel price fluctuations.

The CEB spends over 60 percent of its total electricity production cost for fuel. Therefore the fuel price fluctuations would directly affect the electricity production, he stressed.

Minister Siyambalapitiya noted that the committee would look into the possibilities of amending the Ceylon Electricity Board Act and find more ways to develop the renewable energy sources. (MM)