Yugadanavi project is a great investment opportunity for the country – Power sector officials

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Yugadanavi project is a great investment opportunity for the country
Yugadanavi project is a great investment opportunity for the country

Power sector officials pointed out that as the Yugadanavi project is a great investment opportunity for the country, it is necessary to consider the long-term benefits while forgetting the short-term issues in order to take advantage through this investment.  

At present, more than 95% of the country’s electricity demand is being catered and therefore, low cost power plants need to be built to meet the people’s electricity needs, otherwise the electricity tariff hike will be unavoidable, the officials further said.

Yugadanavi project is a great investment opportunity for the countryPower sector officials point out.

They pointed out that it has become an imperative factor that we should transform to intermediate energy sources with new concepts and new technology, as the LNG power generation is a low-cost, environmentally friendly method, the transformation that is to take place through the Yugadanavi power plant is a profitable project for the government as well as for the people of the country.

This was stated by the relevant authorities in the power sector in response to questions raised by journalists at a special media briefing held at the Presidential Media Center, today (03).

The President’s Media Spokesman Kingsly Rathnayaka conducted today’s media briefing under the theme “The Truth about the Yugadanavi Project”.

The daily electricity demand is increasing rapidly. The production cost per unit of electricity has increased to Rs. 23 – 24. However, the government provides electricity to consumers at Rs. 16.65 per unit, said the Chairman of the Electricity Board, Mr. M.C. Ferdinando.

Electricity tariff may have to be increased if economical power generation methods are not adopted…

The Chairman further said that the country had lost many power generation projects that had been under discussion for a long time due to various reasons and it is vital to increase power generation to ensure uninterrupted power supply.

The success of the Yugadanavi investment project will enable both local and foreign industrialists to consume electricity at a lower cost, Chairman of the Lanka Electricity Company Attorney-at-Law Athula De Silva said.

Electricity Board General Manager M. R. Ranatunga pointed out that 40,000 million units of electricity are required per year to fulfill the total electricity consumption and only by generating this amount at a lower cost, the people will have the opportunity to obtain electricity at concessionary rates.

When asked whether the trade union leaders have held discussions with the authorities on the current situation at the Yugadanavi power plant, Mr. Ranatunga said that no trade union has made a request for a discussion. He also said the authorities are ready to explain the technical process and benefits of the Yugadanavi project.

Responding to a question from a journalist on whether there is a possibility of power cuts in the future, the General Manager said the statements made by some groups to mislead the public should be ignored and that many trade unions have expressed support to provide an uninterrupted power supply.

Additional Secretary of the Power Ministry Dr. Susantha Perera also participated in the media briefing.

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