Ravi Karunanayake says the present electricity crisis in Sri Lanka could have been avoided if greater attention had been given to renewable energy and the protection of foreign exchange reserves.
Speaking to the media, the former United National Party Deputy Leader stated that when the opposition previously warned that electricity tariffs would increase, the government had instead promised reductions in electricity bills.
According to Karunanayake, the current reality has contradicted those assurances.
The MP alleged that the true nature of the country’s electricity and energy-related financial situation is not being fully disclosed to the public.
He further pointed out that under agreements with the International Monetary Fund, electricity prices are expected to reflect the actual cost of power generation.
Karunanayake stated:
“If the cost of generation increases, the selling price must also be revised to cover the cost according to the IMF agreement.”
He argued that Sri Lanka should have made greater use of natural resources and renewable energy sources to:
- Protect foreign exchange reserves
- Stabilize the Sri Lankan rupee
- Reduce dependence on imported fuel and coal
The MP also suggested that the consequences of neglecting renewable energy policies are now becoming visible, especially amid:
- Rising global energy prices
- Foreign exchange pressures
- Instability linked to the Middle East crisis
He further referred to ongoing debates regarding the importation of cheaper coal and alluded to political controversy surrounding the resignation of a minister connected to the energy sector discussions.
The remarks come as Sri Lanka continues to face:
- Currency volatility
- Rising fuel costs
- Electricity pricing pressures
- Increased debate over long-term national energy policy and sustainability
