The Ceylon Electricity Board (CEB) has firmly denied recent false statements regarding the revision of electricity tariffs.

In a statement issued today, the CEB explained that borrowings were necessary during the 2014-2022 period because regulatory authorities failed to act on the CEB's request to revise tariffs, despite the board's approval of the expenditures.

The CEB revealed that its proposal, submitted on October 24, 2024, aimed to reduce electricity tariffs by 6% to 11% for the last quarter of 2024, but the electricity sector regulator rejected it. The proposal considered projected expenses, income from the second and third quarters, and loan repayments.

The regulator has instead requested a revised proposal for tariff adjustments, effective from January 1, 2025, for the first six months of the year. The CEB plans to submit the revised proposal by December 6, 2024.

The CEB further stated that changes to the methodology by the regulator earlier in 2024 prevented any tariff reductions for the last quarter of the year. The CEB emphasized its commitment to providing a reasonable tariff proposal to consumers, allowing sufficient time for a systematic submission.