Electricite Du Liban Announces Balanced 2023 Budget and Financial Measures

The Electricite Du Liban issued on Friday the following statement:

 

1-    The Electricite Du Liban (EDL) has approved, based on its Board of Directors' decision No. 280 dated 7/6/2023, its budget for the year 2023. For the first time in years, the budget is balanced financially. It does not include any financial deficit or request for financial contribution from the government. This is achieved by relying on the National Emergency Plan's components for Lebanon's electricity sector.

2-    The EDL has requested the Central Bank of Lebanon, according to its letter No. 3351 dated 16/8/2023, to transfer the revenues from electricity bills, totaling LBP 2,517,032,452,320 until 16/8/2023 noon, to US dollars in the facility's US dollar cash account with the Central Bank. This is done according to the Central Bank's mechanism and the Council of Ministers No. 15 decision dated 26/5/2023. The value of these revenues equals, according to this mechanism, USD 37,252,551 until 16/8/2023 noon, part of which is calculated at an exchange rate of LBP 103440 per USD and the other part at an exchange rate of LBP 52320 per USD (based on the Sayrafa platform rate +20% as of the issuance date of the relevant circular).
 
3-    The EDL has also initiated, for the first time, based on its letter No. 3352 dated 16/8/2023, a request to the Central Bank to make an initial payment to the Treasury of the State. The amount of this payment is USD 10 million from the total amount disbursed from the Treasury advance approved by the Council of Ministers' decision No. 3 dated 18/1/2023, related to the plan above, which amounted to a total of USD 193,685,328 up to date. The Corporation will later make additional payments. The Corporation has also requested the cost of financial dues owed to operators in the production and distribution sectors from its mentioned account, totaling USD 17,550,000. Therefore, the remaining balance in this account with the Central Bank of Lebanon is equivalent to USD 9,702,551 in Lebanese pounds.
 
4-    The EDL extends its gratitude to citizens who have complied with paying their electricity bills in various Lebanese regions and to all those who contributed to supporting the National Emergency Plan for the electricity sector. It reiterates its call to all public administrations, institutions, public bodies, and other public sector entities to settle their electricity bills, including arrears. The Corporation appreciates the efforts made with UNRWA and UNHCR to reach a result to pay electricity consumption bills for Palestinian refugee camps and Syrian refugee camps in Lebanon.