Proposed Electricity Sector Reforms Published Gazette

4/21/2024 1:40:05 AM

(MENAFN- Colombo Gazette) The Proposed Electricity sector reforms has been published in the Gazette as the Sri Lanka Electricity Bill, Power and energy Minister Kanchana Wijesekera said.

He said the Bill will be presented to the Parliament in the next sitting week.

The Minister said that the amendments suggested by the stakeholders in January have been drafted in to the revised Bill.

The Public will have two weeks from the day of presenting the Bill to the Parliament to challenge its legality in the Supreme Court.

The Bill notes the need for reforms to the existing institutional framework of the Electricity Industry which duly recognises the need, and is designed to attract new investment into the Electricity Industry supported by segregation and separation of the activities of the Electricity Industry currently vested in a single Government owned entity by the incorporation of independent corporate entities in whom shall be vested all activities connected with the generation, transmission, distribution, trade, supply and procurement of electricity and who shall be responsible for the efficient management of these activities and for the creation of market competition in these activities.

The Bill also notes that a process will commence with the preparation of a scheme for the transition and reorganisation of the Electricity Industry and the implementation of identified
reforms based on timely and essential legal, structural, oversight and market based changes; the reforms seek to ensure financial self-sufficiency of the corporate entities to be established under this Act, through a transparent system of tariffs, transparent financial, investment and resource management and improved accountability and oversight measures, to facilitate private sector investment in every activity of the Electricity Industry using stock market listing and public private partnership modalities. (Colombo Gazette)

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