Certified on 27th June 2024, the Act introduces substantial reforms to the electricity industry in Sri Lanka, aiming to improve efficiency, attract investment, and promote the use of renewable energy sources.

It establishes the National Electricity Advisory Council and designates the Public Utilities Commission of Sri Lanka (PUCSL) as the primary regulator.

The Act aims to facilitate the incorporation of corporate entities responsible for the generation, transmission, distribution, trade, supply, and procurement of electricity, promoting market competition and private sector investment.

It also outlines the procedures for formulating and implementing national electricity policies, tariffs, and long-term power system development plans.

By encouraging private sector participation and promoting renewable energy, the Act aims to meet the growing electricity demand and contribute to the country's economic development and environmental sustainability.