CEB’s Rs. 93 b profit used to settle power project debts: Minister

Power and Energy Minister Kanchana Wijesekera yesterday announced that the CEB’s net profit of Rs. 93 billion registered by June was utilised to settle payments of various power project debts.

“The net profit was utilised to pay the outstanding amounts to renewable energy developers, thermal power plants, coal procurement, local suppliers, dues to major projects, rooftop solar, and short-term banking facilities,” he shared via a post on ‘X’. 

Minister Wijesekera also said the electricity user tariffs have been revised and reduced considering the other profits after the settlement of payments. His clarification follows reports that the CEB posted a net profit after taxes for the April-June quarter of this year, with Rs. 34.53 billion paid in taxes. Earlier, the CEB had reported a net profit of Rs. 84.67 billion after taxes for the January-March quarter. Additionally, it was noted that the CEB achieved a total profit of Rs. 119.20 billion in the first half of 2024. In response to a comment from a user who criticised the use of profits to pay off debt, Minister Wijesekara replied: “How do you suggest that CEB pays its debts? With additional loans, taxes, printing money or sale of assets? Or did you suggest differing payments to RE (Renewable Energy) developers, IPPs (Independent Power Producers), suppliers and banks?”