Sri Lanka’s Ceylon Electricity Board loses Rs32bn in 1Q as price hikes stalled

Sri Lanka’s state-run Ceylon Electricity Board has run up losses of 32 billion rupees in the in the first quarter of 2022 amid a drought and a currency collapse, as price hikes are stalled, data shows.

The CEB is charging about 17 rupees for a unit but is spending about 48 rupees for a unit, Prime Minister Ranil Wickremesinghe said this week.

CEB’s revenues went up 7.5 percent to 64.2 billion rupees, but cost of sales went up 43 percent to 94.7 billion rupees.

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