State Electric Company Limited (STELCO) has revealed that it is working to reduce its reliance on government subsidies.
At the function held to mark the 25th anniversary of STELCO, Managing Director Ahmed Shareef said that major changes need to be made to allow the state-owned utility company to expand its businesses and reduce its reliance on government subsidies. He said that STELCO can expand to generate revenue and reduce the cost of electricity services.
Furthermore, Shareef noted that STELCO currently provides some of its services at a loss and that electricity and sewerage system services in some islands are provided with subsidies from revenue generated from other services. He, however, said that STELCO is working to increase its revenue generation and become a profitable company. He also said the company is working to improve public trust by creating awareness of its services and billing plans.
STELCO has stated that it plans to conduct water supply and sewerage network projects as well as renewable energy projects. The company is currently providing electricity services and operating water supply and sewerage systems across the country.