Sri Lanka to establish new energy sector regulator

 The Cabinet has approved a proposal to establish a dedicated regulator for the energy sector. 

 

Taking to ‘X’, Power and Energy Minister Kanchana Wijesekera said the petroleum, LPG, LNG, lubricants, oils and broader energy sectors are set to fall under the purview of the newly formed regulatory body.

 

The Public Utilities Commission of Sri Lanka (PUCSL) will retain its role as the regulator for the electricity sector, while the forthcoming regulator will assume responsibility for governing various aspects of the petroleum and energy industries.

 

This separation of oversight is expected to streamline the regulatory processes, foster greater accountability and optimize sector-specific regulations.

 

A specialized committee has been entrusted with the task of formulating the framework for the Energy Sector Regulator within a concise timeline of two months. 

 

This framework is envisioned to encompass a comprehensive spectrum of regulatory considerations, ranging from fair pricing mechanisms and quality assurance to compliance monitoring and environmental standards.

 

Among the key areas slated for inclusion in the proposed regulatory framework are, fair pricing mechanisms & pricing formulas, quality assurance, compliance monitoring, safety in unloading, storage & distribution, environmental standards, industry collaboration & stakeholder engagement, dispute resolution, public awareness & education, emergency response and risk management.