Annual Report 2008 - Ministry of Finance and Planning

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3. Performance of Public Enterprises 158 Table 3:16 Ceylon Electricity Board Category Unit 2006 2007 2008 2009 (Budgeted) Available Capacity MW 2,434 2,443 2,644 2,690 Installed Capacity MW 2,434 2,443 2,644 2,690 CEB Hydro MW 1,207 1,207 1,207 1207 Thermal MW 548 548 548 548 Wind MW 3 3 3 3 Private Hydro MW 107 116 149 175 Thermal MW 567 567 737 757 Electricity Generation GWh 9,389 9,814 9,901 10,277 CEB Hydro GWh 4,290 3,603 3,700 3,288 Thermal GWh 1,669 2,336 2,083 1,878 Wind GWh 2 2 3 2 Private Hydro GWh 345 345 435 424 Thermal GWh 3,082 3,528 3,680 4,685 Total Sales by CEB GWh 7,832 8,276 8,417 8,865 Domestic and Religious GWh 2,622 2,771 2,799 2,948 Industrial GWh 2,605 2,627 2,678 2,820 General Purposes GWh 1,395 1,626 1,570 1,653 Local Authorities/LECO GWh 1,111 1,114 1,130 1,190 Street Lighting GWh 98 108 108 114 Hotel GWh 0 122 133 140 Total Revenue Rs.Mn 69,941 87,575 111,287 115,245 Consumers No .Mn 3,637 3,867 4.089 4.339 Average unit Cost Rs 10.88 13.48 17.76 14.29 Average unit Selling price Rs 8.99 10.58 13.22 13.00 Operational Losses Rs. Mn 14,176 22,314 34,640 7,204 Investments Rs. Mn 3,152 3,882 - Bank Borrowings Rs. Mn 7,669 7,075 6,517 7626 Source: Ceylon Electricity Board Table 3.17 Fund Releases to the CEB through Budgetary Allocations 2006 2007 2008 Rs.mn Project Name Budget Actual Budget Actual Budget Actual Generation 589 1,506 29,060 20,920 13,763 8,529 Transmission 1,968 928 4,636 289 7,690 1,701 Distribution 6,582 2,051 6,992 2,737 4,953 3,905 Total 9,139 4,485 40,688 23,945 26,407 14,136 Source: Annual Estimates/ Treasury Operation Department Ministry of Finance and Planning Sri Lanka Annual Report 2008
3. Performance of Public Enterprises 159 Table 3.18 Number of Power Stations by Ownership 2006 2007 CEB PPP CEB PPP Hydro 16 60 16 64 Thermal 6 10 6 10 Wind 1 0 1 0 Total 23 70 23 74 Source : Ceylon Electricity Board Statistical Digest 2007 PPP : Private Power Purchase Ceylon Petroleum Corporation (CPC) The CPC faced severe challenges in 2008, primarily due to the unprecedented increase in world oil prices. The purchase price of crude oil increased up to US$ 113.99/bbl by the month of August 2008 while the average crude oil price in 2007 was US$ 71.96/bbl. Thus the value of total imports of both crude & refined products has increased to Rs.303,395 million in 2008 which is an increase of about 25 % from Rs.225,046 million incurred in 2007. The CPC raised prices of petroleum products in an endeavor to cope with the rising oil prices. The government in 2007 successfully negotiated with the government of Iran a credit facility to supply oil on interest free basis for a period of 4 months with a provision to extend this facility for further 8 months on an interest payment basis. The CPC benefited significantly from these arrangements in 2008. Chart 3.17 The CPC’s performance in 2008 witnessed a significant decline, incurring a loss of Rs.14,320 million against a profit of Rs.2,862 million in 2007. The government in the latter part of the 2008 decided to supply heavy fuel at Rs.45/l since it is used in the generation of electricity. In 2009 as per a budgetary proposal the CPC will provide heavy fuel at Rs.25/l to both the CEB & the independent power suppliers for the generation of electricity. It is expected that this proposal will not affect the CPC adversely as the price of crude oil has been tumbling at record rates during the latter part of 2008 and the early 2009. The Power sector accounts for almost 1/3rd of the total of the CPC sales. Taking in to account the fluctuation of oil prices and the limited refinery capacity, government initiated action to revamp the refinery and storage capacity of the CPC. In this context the government was successful in securing funding of US$1500 million for the Sapugaskanda oil refinery expansion and modernization (SOREM) project from the government of Iran. This project is expected to expand the current processing capacity of 50,000 barrels per steam day (bbsd) to 100,000 bpsd with bottom upgrading to maximize diesel production and other products. This expansion and modernization project is expected to improve the commercial viability of the CPC as well as the energy security of the country. The project is due to be completed by 2011. The CPC has been engaging in marketing of agrichemicals and has planned to establish CPC owned outlets in agricultural areas. The CPC decided to enter into LPG retail market, from their LPG production. Therefore customers can buy LPG at lower cost. The CPC restructured its filling stations to attract customers in year 2008. Ministry of Finance and Planning Sri Lanka Annual Report 2008
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2008 Annual Report Ministry of Fina
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2 This Report is Published in terms
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4 Heads of Treasury Departments (as
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6 Heads of Statutory Boards / State
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8 Contents Chapter 1 - Macro Econom
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10 Contents Contd. Table 3.9 - Key
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12 Contents Contd. Table 7.8 - Valu
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16 Sri Lanka at a Glance - 2008 KEY
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18 Sri Lanka at a Glance - 2008 Con
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1. Macro Economic Perspectives 20 E
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1. Macro Economic Perspectives 38 B
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1. Macro Economic Perspectives 42 L
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1. Macro Economic Perspectives 44 i
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2. Fiscal Developments - 2008 46 An
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2. Fiscal Developments - 2008 48 Ta
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6. A Sectoral Perspective 236 An Ov
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6. A Sectoral Perspective 254 Box 6
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7. Development Finance 260 An Overv
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7. Development Finance 262 Table 7.
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7. Development Finance 280 (RFSDP)
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