The Public Service Utilities Commission of Sri Lanka has introduced a system of paying interest on deposits of electricity consumers
Janaka Ratnayake, Chairman of the Public Service Utilities Commission of Sri Lanka, says that under Section 28 of the Sri Lanka Electricity Act, interest is payable on the security deposit paid by the electricity consumer to the client company or licensee.
Although the implementation of the decision to pay interest benefits was delayed due to issues such as determining the interest to be paid, all these issues have been resolved to date and the Public Utilities Commission of Sri Lanka (PUCSL) has adopted a methodology for determining interest rates in an accepted and transparent manner. He says the church was prepared.
“The commission recently decided that the interest rate for this year is 8.68 percent. Licensed companies that provide electricity services based on that interest have to calculate the interest benefit and pay it to their customers. Today marks the beginning of this unique system of benefits. ”
The Chairman was addressing the inaugural ceremony of paying interest on electricity consumer deposits under the Sri Lanka Electricity Act on Wednesday, April 7 at the BMICH in Colombo.
Lanka Electricity (Pvt) Ltd, a distribution licensee, has started paying interest to its customers from yesterday.
Janaka Ratnayake, Chairman of the Public Service Utilities Commission of Sri Lanka (PUCSL) says that LECO alone will pay Rs. 42 million annually to its customers through the benefit of paying interest on consumer deposits.
The Chairman is confident that other licensees will implement this interest payment program in the future.
“we hope. When other power distribution licensees implement this interest benefit scheme in the future, around Rs. 1,200 million will flow into the hands of electricity consumers annually, ”he added.