These numbers were largely driven by soaring profits from October to December last year. Industry experts said such earnings were made possible due to massive rainfall received across the country from September onwards, allowing the CEB to dramatically reduce oil and coal-based generation.

Higher rainfalls are normally received during October–December in an El Nino year. Meteorology Department data show there was above-average rainfall from October to December last year.

The financial statements demonstrate that October to December revenue includes an additional Rs. 21 billion from the 18% tariff increase in October 2023, which was effected as an “emergency measure” after the CEB warned that it risked closing the year with a Rs. 18 billion loss without it.

But the statements also show that the CEB would have ended up with significant profits (about Rs. 40 billion) even without the tariff increase, raising further concerns regarding the analysis behind the hike.