The Electricity of Lebanon institution announced today, Friday, that it has approved its budget for this year 2023, as per the decision of its Board of Directors No. 280 dated 7/6/2023, "balanced financially and without any financial deficit or request for any financial contribution from the state, based on the components of the national emergency plan for the electricity sector in Lebanon."
The institution added in a statement: "It requested from the Central Bank of Lebanon, through its letter No. 3351 dated 16/8/2023, to transfer the revenues from electricity bills, amounting to as of 16/8/2023 at noon /2,517,032,452,320/ L.L. (Fresh LBP) in its account at the Central Bank of Lebanon, to US dollars (Fresh Dollars) for the institution's cash account in US dollars opened at the Central Bank, in accordance with the mechanism established by the Central Bank and according to Cabinet Decision No. 15 dated 26/5/2023, noting that the value of these revenues equals according to this mechanism /37,252,551/ USD as of 16/8/2023 at noon, part of it at an exchange rate of /103440/ L.L. for one dollar and the other part at an exchange rate of /52320/ L.L. for one dollar (based on the Sayrafa platform rate +20% on the date of the issuance concerned)."
The Electricity of Lebanon institution also noted that it "initiated, for the first time as well, through its letter to the Central Bank No. 3352 dated 16/8/2023, a request for the payment of a first installment to the state treasury in the amount of /10/ million USD from the total amount disbursed from the treasury advance, approved by Cabinet Decision No. 3 dated 18/1/2023 related to the aforementioned plan, which to date amounts to only /193,685,328/ USD, with the institution intending to make further payments later. The institution had also requested to pay financial dues owed to its operators in the production and distribution sectors from its account mentioned, totaling /17,550,000/ USD, and thus there remains in the balance of this account with the Central Bank an amount in Lebanese lira equivalent to /9,702,551/ USD."
The statement continued: "The Electricity of Lebanon institution thanks the citizens who committed to 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 once again calls on all public administrations, public institutions, water authorities, and other public sector entities to pay their electricity bills, including arrears, and appreciates the efforts made with UNRWA and UNHCR, to reach a conclusion to pay the electricity consumption bills by the Palestinian refugee camps and the Syrian displaced camps in Lebanon."
