The Ministry of Economic Affairs said yesterday that since the nation relies entirely on imports for its coal supply, it has to diversify its import sources to ensure smooth operations.
Taiwan also needs to sign long-term purchase contracts to stabilize its coal supplies, ministry officials said.
The officials said that total coal imports amounted to around 65 million tonnes last year, mainly from Australia, Indonesia and China, which accounted for 39 percent, 37 percent and 20 percent respectively.
The ministry has instructed Taiwan Power Co (台電) to step up coal exploration overseas so as to ensure a steady supply, the officials said.
World coal prices have continued to surge since 2003, mainly because of the rise of China and India, which has led to massive demand and tight supply. The officials noted that major coal producers such as Australia have seen coal prices rise by 46 percent since early this year.
China announced on Jan. 24 a suspension of coal exports for two months because of its own urgent need for coal and electricity due to heavy snowstorms that wreaked havoc in some areas of the country, while production in South Africa’s coal mines has been affected by electricity shortages during the same period, prompting it to also suspend coal exports.
“World coal supplies over the past year have been the tightest since the second energy crisis of 1979,” officials said.
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