Sri Lanka’s Power Minister submits Electricity Sector Reforms Bill to open up power industry
Daily FT: Power and Energy Minister Kanchana Wijesekera has informed that the proposed Electricity Sector Reforms Bill for the observations was submitted for the approval of the Cabinet of Ministers to open up the electricity industry for new entrants to offer competitive prices. “The proposed reforms will unbundle the services of CEB, improve efficiency, transparency, competition and allow private sector participation in the electricity industry,” he announced via ‘X’ recently.
Wijesekera said the Bill was prepared over the past 10 months with the assistance of energy and legal experts from development agencies and industry stakeholders.
Following the incorporation of the Attorney General Department’s recommended revisions by the Legal Draftsman, the Minister stated that the Bill received the Attorney General’s certification last week.
He noted that once the Cabinet of Ministers approves the Bill, it will be gazetted and tabled in the Parliament for approval.
OSL take:
Sri Lanka’s power and energy industry is fast becoming a hotspot for business/investment opportunities. Sri Lanka has already opened up the country’s local retail fuel market and is now in the process of opening up the power sector through the proposed reforms as well. The ongoing economic activities in the country and Sri Lanka’s plans of becoming an emerging business destination in the South Asian region have created a demand for the country’s power and energy industry. In the power sector, there are expanding opportunities in the renewable energy generation sector as well as the expansion of the country’s power transmission and distribution sectors. All these present a host of business/investment opportunities to foreign businesses/investors. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in the power industry given the growth and profits recorded by the local businesses even amidst challenging economic conditions. Therefore, the business potential in Sri Lanka’s power industry presents lucrative opportunities to interested foreign businesses/investors. It is the identification of the growing business potential in the industry that has led to many international companies expressing interest in entering the country’s power industry.
| Article Code : | VBS/AT/20231106/Z_3 |