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LECO consumers to get interest for security deposits of electricity

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator together with Lanka Electricity Company Private Limited (LECO) yesterday launched an interest pay scheme for security deposits of electricity for LECO consumers at the BMICH. Payment of interest on electricity consumer deposits is a benefit provided to the consumer under Section 28 of the Sri Lanka Electricity Act. Accordingly, electricity utility service providers have to pay interest to electricity consumers for the electricity deposit. PUCSL has the authority to decide the interest rate that to be paid to the consumers and the PUCSL declared that the interest rate for this year would be 8.68 per cent. The interest rate changes annually.

Does Sri Lanka need a regulator for utility industry

Former Chairman of PUCSL, Attorney at Law, Saliya Mathew writes Being a utility regulator has perils because the independence of the regulator necessarily removes power from politicians, operators, and others. Furthermore, regulators are sometimes scapegoats for unpopular policies and unavoidably become involved in shaping the policies that they are supposed to implement. As a result of such frictions, regulators are sometimes removed from office or marginalized in some way. However, having a regulator is paramount important to a country and its people. Sri Lanka has and had many regulatory authorities and these regulatory institutions are known for its independence and for its dedication to improving

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