China Steel Corp (CSC, 中鋼) yesterday broke ground in Kaohsiung’s Singda Harbor (興達港) for a plant to construct undersea foundation facilities for offshore wind turbines.
China Steel said it expects to complete construction of the plant in the Marine Technology Industry Innovation Zone (海洋科技產業創新專區) at the end of next year and begin mass production of 50 to 60 jacket foundations annually, starting in 2020.
President Tsai Ing-wen’s (蔡英文) administration is promoting offshore wind farms as part of its plans to expand renewable energy generation to help relieve the strain on electricity supplies from state-run Taiwan Power Co (Taipower, 台電).
In light of the potential demand for undersea foundation facilities for offshore wind turbines, China Steel’s board approved investing NT$3.42 billion (US$116.72 million) to set up a company to take charge of the plant’s construction, the company said on March 28.
Last month the company announced it was teaming up with Copenhagen Infrastructure Partners and the Changhua County Government to develop three offshore wind farms on the west coast, with a total investment of more than NT$210 billion.
Cheng Ching-chung (程慶鐘), commissioner of China Steel’s wind power business development committee and chairman of the new company, signed a cooperation agreement with representatives of 11 supply-chain firms at yesterday’s ceremony, including CSBC Corp, Taiwan (台灣國際造船) chairman Cheng Wen-lon (鄭文隆).
Minister of Economic Affairs Shen Jong-chin (沈榮津) and Kaohsiung Mayor Chen Chu (陳菊) attended the ceremony, along with China Steel chairman Wong Chao-tung (翁朝棟).
The government wants to see 5.5 gigawatts of electricity generated by offshore wind farms by 2025, Shen said.
The Ministry of Economic Affairs would start the selection process for offshore wind farm projects this week, he said.
Seven of the 11 suppliers are based in Kaohsiung, which highlights China Steel’s efforts to localize the development of underwater foundations, Wong said.
The company also wants to build a local supply chain for wind turbines through collaborations with a variety of its business partners, he said.
RESTRUCTURING: Taichung and Taoyuan profited most from local firms moving back high-end manufacturing amid the US-China decoupling of trade ties, the ministry said The government’s “Invest in Taiwan” initiative might this year see NT$627.1 billion (US$21.7 billion) of investment pledges realized, with several firms raising stakes and two dropouts due to customer losses, Minister of Economic Affairs (MOEA) Wang Mei-hua (王美花) said yesterday. Wang made the statement at the monthly meeting of the Third Wednesday Club, a local trade group featuring the top 100 firms of each business sector. Since early last year, the government has launched three programs intended to help local companies grapple with US-China trade rows and the COVID-19 pandemic, mainly through moving production lines back to Taiwan. Thus far, the ministry
JOBS AT RISK? Most Cathay Dragon routes are to be operated by Cathay Pacific or a subsidiary, but it was unclear how Taiwanese workers would be affected Cathay Pacific Airways Ltd (國泰航空) yesterday said it is planning new flight services for Taiwan as it announced a corporate restructuring that included the shutdown of its regional subsidiary, Cathay Dragon (國泰港龍), and could lead to job cuts in Taiwan. Cathay Pacific said the shutdown means that the one round-trip service between Taichung and Hong Kong per day and seven round-trip services between Kaohsiung and Hong Kong operated by Cathay Dragon prior to the COVID-19 pandemic would be terminated. “The parent company is planning a new schedule between Taiwan and Hong Kong,” Cathay Pacific assistant manager for corporate communications Moses Hou (侯恩錫)
OVERHEATED MARKET?: The gauge would be designed to provide more reliable information than private-sector data, and help improve policymaking, the council said The National Development Council (NDC) is considering creating a business climate index on Taiwan’s property market, allowing policymakers to better monitor market movements and intervene if necessary, NDC Minister Kung Ming-hsin (龔明鑫) said yesterday. Kung made the remarks at a meeting of the legislature’s Economic Committee where lawmakers from across party lines voiced concerns about housing price hikes driven by capital repatriation. Kung said that the council is assessing the possibility of creating an index designed to provide more accountable and transparent information than data provided by private-sector market analysts, and could help improve policymaking. The council would compile a report on
STOCK MARKETS TAIEX closes slightly higher The TAIEX closed slightly higher yesterday as market sentiment remained cautious over the Nov. 3 US presidential election. Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was again the anchor stabilizing the broader market, preventing the main board from falling into negative territory at the end of the session, dealers said. The TAIEX closed up 14.88 points, or 0.12 percent, at 12,877.25, on turnover of NT$167.982 billion (US$5.81 billion). TSMC, the most heavily weighted stock on the local market, rose 0.44 percent after fluctuating between NT$451 and NT$456. The semiconductor subindex and the bellwether electronics sector