Rates for variable and fixed tariffs made available for renewable energy projects: Minister

Power and Energy Minister Kanchana Wijesekera 

Power and Energy Minister Kanchana Wijesekera said yesterday that a 20-year variable and fixed tariffs made available from 13 June to 13 September 2023.

He said a 20-year variable feeding tariff for new renewable energy developments up to 10 MW is made available from 13 June and the new tariffs are only applicable for new power purchasing agreements (PPAs).

“The rates for variable and fixed tariffs made available by applying economic parameters to the formula from 13 June to 13 September 2023,” Wijesekera added. 

According to him, the developers will have the option to pick either the fixed tariff or the variable tariff at the signing of the PPA and will not be able to switch after signing. 

“Rates paid for every PPA signed on the variable tariff scheme will be changed every three to six months over the 20 years, factoring the interest rates and other parameters taken to calculate the formula,” he said. 

However, the Minister said the rates made available at the signing of fixed tariff PPAs will remain unchanged for the full 20 years.