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No bonuses for CEB if it doesn’t deliver: PUCSL
While the PUCSL has partially given in to the repeated demands of the CEB to increase the electricity tariffs, the utility regulator said that the entity must get its act right and deliver positive financial results, else the year-end bonuses should not be paid.
“The CEB has got what they wanted. Now they cannot complain. They can and should go forward with their work and ensure a continuous power supply. Failing to do so, we will not allow for their bonuses to be paid,” said PUCSL Chairman Janaka Ratnayake.
“Though many claim the CEB is run by a mafia, we don’t think so. There are professionals working there, so I am sure they understand. Only well-managed profitable entities receive bonuses, not mismanaged loss-making ones,” he added.
Although the PUCSL has approved an electricity tariff hike, the CEB is expected to meet several conditions presented by the regulator.
Some of the conditions include revising the sales and purchase agreements of interest for security deposits obtained from consumers, conducting an independent dispatch audit for 2021 and opening a bulk supply transaction account.
With the new tariff structure and improved management, Ratnayake said the CEB is expected to cover the costs in the coming six months. The CEB has said its revenue requirement is Rs.505 billion and the tariff hike is expected to generate a revenue of Rs.512 billion.
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