The Taiwan Power Co (Taipower, 台電) is to allocate NT$50.15 billion (US$1.62 billion) to its fund for stabilizing electricity rates, an amount that exceeds the company’s proposal of NT$21.95 billion, the Ministry of Economic Affairs said on Friday.
The size also exceeds Taipower’s pre-tax earnings of NT$39.6 billion for last year, the ministry said.
“The scale of the allocation is larger than we expected. It will definitely help to stabilize electricity prices in the future,” Bureau of Energy Director-General Lin Chuan-neng (林全能) said after an electricity pricing review committee meeting.
The fund will have a total of NT$83.65 billion, including the new addition, Lin said.
The Legislative Yuan’s Economics Committee in 2014 ruled that Taipower can only conserve a maximum of NT$18 billion from its pre-tax profits every year, and is to inject the remainder into the stabilization fund to help absorb increasing costs.
The committee on Friday approved Taipower’s proposal to conserve NT$15.43 billion, but cast doubts over the size of the company’s pre-tax earnings last year.
Lin said several committee members had noticed that Taipower booked an expense of NT$28.2 billion for an indoor low-level nuclear waste storage facility in New Taipei City that has not obtained the city government’s approval for construction.
Given that the project is still awaiting approval, Taipower should not recognize it as an expense, but should instead add it to its pre-tax earnings, Lin said, quoting committee members.
After taking the facility expense into account, the committee decided to increase the fund allocation to NT$50.15 billion from Taipower’s proposed NT$21.95 billion, Lin said.
Taipower spokesman Lin Te-fu (林德福) said the company would abide by the committee’s decision.
In related news, Lin Chuan-neng said the ministry is planning to propose an adjustment to the electricity pricing formula in June in accordance with the amended Electricity Act (電業法) and would send it for committee review in October, meaning that electricity rates are to remain unchanged until then.
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