The CEB: Continuing as a Monster or becoming a Catalyst for Development
Shock waves were felt throughout the power sector, especially by the Ceylon Electricity Board (CEB), during the first week of 2013. This was due to the Ceylon Petroleum Corporation’s (CPC) decision to raise the price of Furnace Oil supplied for the thermal generation of electricity. It is reported that CEB, which has already incurred losses of Rs. 65 billion in 2012, will add a further Rs. 90 billion in 2013 due to this measure and other losses. Total losses for 2012 & 2013 would therefore, amount to Rs. 155 billion. Furthermore, a few years ago accumulated losses amounting to Rs. 30 billion had to be absorbed by the government to make the CEB balance sheet look viable.