By:Isuru ParakramaColombo (LNW): The Ceylon Electricity Board (CEB) will be broken into fourteen (14) privately-owned enterprises under the proposed amendments of the Electricity Act, announced the Public Utilities Commission of Sri Lanka (PUCSL).
Despite counterarguments on privatising state-owned bodies, the loss-incurring state-run power supplier is set to be broken into 14 private enterprises under the new law.
The Norochcholai Coal Power Plant and all hydro-power stations including the Mahaweli and Lakshapana plants will be among the bodies to be privatised, revealed PUCSL Chief Janaka Ratnayake.
The new restructuring of the CEB will also follow the establishment of a new Electricity Commission governed by the Minister of Power and Energy to oversee the CEB, replacing the PUCSL, he added.
Meanwhile, a new company will also be established to manage the power supplier’s Employees’ Provident Fund (EPF), Employees’ Trust Fund (ETF) and pension funds, Ratnayake revealed.