Renewable energy tariffs to change according to market variationsView(s):
Continuous lobbying by redeemable energy stakeholders to the Power Ministry has resulted in the Minister appointing a tariff committee related to solar energy which will see tariffs changing depending on the market variations, officials said.
They said that with a cost-reflective tariff for solar as well as the Ceylon Electricity Board (CEB) committing to its obligations, the industry can re-establish the buoyant trend seen in the industry in 2021.
For nearly a year now, the industry has been calling for timely payments by the electricity supplier. Industry officials also said till the proper tariff is not released, the industry will not go forward.
The unviable new tariff is crushing the solar industry by stopping new entrants while 50 megawatts of solar projects are still to be connected to the national grid.
Rrenewable energy businesses are faced with very large loans. Some months ago they met with the bankers to discuss on rescheduling and providing some sort of relief to the industry, but it was not concluded.
Commercial Bank Managing Director, CEO Sanath Manathunge told the Business Times recently that it is important to assist this sector to come out of the current crisis as it employs people and spills into other businesses as well. “Certain industries like the renewable energy and construction sector should be encouraged. These are feeding into other smaller industries. Renewable energy is the future. We have a lot of solar and wind opportunities. We can subsidise fuel imports through encouraging renewable energy. The renewable energy industry should be encouraged for future benefits in the country.”
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