ECONOMYNEXT – The Minister of Energy and Vitality of Sri Lanka met with the Ambassador of Italy to Sri Lanka on the Ministry this morning (6) to debate reforms within the power sector.
Kanchana Wijesekera mentioned he had “mentioned sector reforms and funding alternatives within the energy and power sectors with Damiano Francovigh.
“Financing out there for renewable power improvement from the European Union, new expertise for renewable power improvement and experiences in power interconnectivity have been additionally mentioned,” Wijesekera mentioned.
Sri Lanka plans to incorporate renewable power sources in its technology combine, however state-owned power firm CEB must improve infrastructure to accommodate renewable power, which is extremely variable.
The CEB can’t increase funds to stimulate renewable power with out cost-reflective costs.
Along with constructing a community that may face up to sudden variations in renewable power technology, storms, flash floods or clouds, storage have to be constructed or spare thermal capability have to be maintained.
Neither the lenders nor personal traders will present cash if the CEB incurs losses and defaults on funds to renewable power producers, Minister Wijesekera mentioned earlier.
The nation should work inside a program of the Worldwide Financial Fund. (Colombo/November 6, 2023)