Taiwan hopes to build a power plant that will use a strong current flowing off its east coast to generate electricity, an official said yesterday.
The plant is still in the planning stage, but once built, it would be the first plant in Asia to make use of the Kuroshio current -- also known as the Black stream -- that flows along the Pacific Ocean to the east of the country, said Chen Chin-te (陳金德), a Ministry of Economic Affairs official in charge of energy development.
"The current's potential as an energy source was long ignored when oil was cheap," Chen said. "Now we believe it may become Taiwan's biggest asset in terms of a new energy source, more so than solar or wind power."
"You could consider it as a nuclear power plant that does not need plutonium to run," he said.
The Kuroshio is the world's second-largest warm current after the Gulf stream in the Atlantic Ocean. The Kuroshio is known for its strong, fast flow as it passes seas near the Philippines and Taiwan before running northeast toward Japan.
The stream, up to 150km wide, could be a powerful source of energy as it flows steadily at a rate of 1m a second, officials said.
The ministry recently began a three-year feasibility study on the power plant, spending NT$200 million (US$6 million) to survey the Kuroshio current's flow and make preliminary designs of the generators.
Taiwan's proximity to the current's passage -- kilometers off its eastern coast -- enables it to make use of the current's flow better than its neighbors, Chen said.
The plant could be costly to build, Chen said, adding that the generators would have to be installed on the seabed and fastened to the shore with steel cables. But he did not provide a figure.
Taiwan could import technologies from Britain or the US, countries that have more experience building generators, he said.
Taiwan imports 98 percent of its fuel and has been seeking new energy sources, including wind power, biodiesel fuel and alcohol made from sugar canes.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to