For security deposits: PUCSL, LECO introduces interest pay scheme

CEYLON TODAY | Published: 2:00 AM Apr 8 2021

The Public Utilities Commission of Sri Lanka   (PUCSL), the electricity sector regulator together with Lanka Electricity Company Private Limited (LECO), yesterday (7), launched the interest pay scheme for security deposits of electricity for LECO consumers at the BMICH.

Speaking at the event Janaka Ratnayake, Chairman of the PUCSL said,

“We have taken the steps to protect the rights of electricity consumers since the inception of the Commission in accordance with the powers vested in it. We have published the Declaration of the Rights and Obligations of Electricity Consumers and many regulatory decisions to protect the rights contained therein and to protect consumers. In particular, more than 20 different regulations, rules and guidelines have been enacted to protect consumers.”

Payment of interest on electricity consumer deposits is a benefit provided to the consumer under Section 28 of the Sri Lanka Electricity Act.

PUCSL has the authority to decide the interest rate that to be paid to the consumers and it declared that the interest rate for this year would be 8.68 per cent.

LECO will start paying interest to its customers from today. LECO alone will pay Rs 42 million annually to its customers as a benefit through this scheme.

“We hope that in the future other licensees will implement this interest payment programme. When other electricity distribution licensees also implement this interest benefit scheme in the future, around Rs 1,200 million will flow into the hands of electricity consumers annually,” Ratnayake added.

CEYLON TODAY | Published: 2:00 AM Apr 8 2021

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