Jan 21, Colombo: For Sri Lanka to avoid incurring heavy losses in providing energy and to accelerate economic development, it is compulsory for the country to look for alternate energy sources, a senior government minister said today.

Participating in a function to launch a website of the Public Utilities Commission, Senior Minister and Deputy Finance Minister Dr. Sarath Amunugama said today both state institutions responsible for power supply, Ceylon Electricity Board and the Ceylon Petroleum Corporation are running at huge losses

The two state institutions providing electricity and fuel to the public are weighing down the economy, the Minister added.

The website of the Public Utilities Commission was launched to address the problems of around 5.5 million electricity consumers.

Minister Amunugama said the Public Utility Commission has been entrusted the responsibility to safeguard the electricity consumer and the producer through a price regulatory mechanism.

Chairman of the Commission Dr. Jayatissa de Costa said that the Commission which is the responsible authority for price regulation of electricity consumption has saved 86 billion rupees through its activities.