The Ceylon Electricity Board (CEB) closed the fiscal year 2023 with record profits, reporting Rs. 75.7 billion for the Group and Rs. 61.2 billion for the Board.

Heavy rainfall and a tariff hike in the fourth quarter boosted performance, with profits projected at Rs. 40 billion even without favorable weather conditions.

Despite reduced distribution costs, scrutiny arises over a Rs. 140 billion overestimation in electricity production and transmission costs for 2024, according to the Sectoral Oversight Committee.