Sri Lanka to Implement a "Renewable Energy Generation Plan" on June 1st

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by KnowESG

Faced with a power shortage, Sri Lankan Minister of Power and Energy Kanchana Wijesekera announced that an accelerated renewable energy development plan would begin on June 1.

The Ministry of Power and Energy took the decision after the fuel bill for power generation had exceeded $100 million per month.

Two measures have been taken to implement the solutions under the Renewable Energy Generation Plan. Solar panels are being installed on industrial, government, hospital, and hotel roofs as part of a quest for roof space.

Furthermore, according to Colombo Page, the Ceylon Electricity Board (CEB) would manage thermal and hydropower plants to help reduce generation costs at night while still saving money during the day.

In terms of the second step, prospective projects will be awarded temporary permission along with an acceptable charge revision.

After the purchase agreement is signed, the project will work with the Ceylon Electricity Board, the Sustainable Energy Authority, and the investor. With the required investment from the investor, it will improve the transmission line and the national grid's capacity.

Large-scale investments for chosen renewable projects will also be implemented following the financial and technical examination.

Meanwhile, Sri Lanka is experiencing its worst economic crisis since independence, with food and fuel shortages, soaring prices, and widespread power outages affecting a large number of citizens, leading to mass protests and the resignation of former Prime Minister Mahinda Rajapaksa, who was replaced by Ranil Wickremesinghe.

Source: Business Standard

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