State-run Taiwan Power Co (Taipower, 台電) said yesterday losses could widen to as much as NT$60 billion (US$2.02 billion) amid skyrocketing energy costs, but added that it would not raise power charges.
The government expected Taipower to lose NT$47.9 billion, but the firm said the deficit could expand to NT$60 billion.
“There were uncertainties in the first two months that drove up the costs,” Taipower vice president Mark Chuang (莊光明) said, citing the Australian floods, which sent coal prices rising and the recent instability in the ,Middle East, which has pushed up oil prices.
Taipower incurred a loss of NT$18.7 billion last year after a record loss of NT$100.9 billion in 2008.
Accumulated losses totaled NT$75.1 billion as of last year, and the figure could rise to NT$135.1 billion if this year’s projected deficit of NT$60 billion were included, Chuang said.
Taipower will introduce measures to reverse the situation if losses hit 50 percent of its paid-in capital of NT$330 billion, he said.
The projected accumulated losses of NT$135.1 billion this year translates to 41 percent of its capital.
Chuang said the company had no immediate plans to raise electricity rates.
Taiwan lowered electricity charges 11 times between 1983 and 2005, cutting off as much as 26.2 percent from household bills, according to Taipower figures.
The firm increased charges three times — by 5.8 percent in July 2006 and an average of 25.2 percent for the combined hikes in July 2008 and October 2008.
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