Electricity prices will rise on July 1 -- the first time in 23 years -- after the Ministry of Economic Affairs yesterday approved tariff adjustment plans submitted by Taiwan Power Co (Taipower).
The ministry convened a special committee to discuss two rate proposals yesterday morning and decided to give the green light to the slightly higher of the proposals, which will impose an average 5.8 percent increase.
The second proposal suggested an increase of 5.62 percent across all industries.
The selected plan proposes that after consumption of 330 kilowatt-hours per month, households will pay 3.12 percent more on average, while commercial users will pay an additional 4.99 percent.
Industrial users, meanwhile, will shoulder a new rate as high as 7.98 percent, regardless of the amount of power consumed.
Because those who use less than 330 kilowatt-hours per month will see no tariff change, around 65 percent of households and 35 percent of commercial users will not be affected, according to Taipower.
The new increments would add 0.116 of a percentage point to growth in the consumer price index and trim 0.081 percent from GDP, the nation's sole utility retailer said.
The new rates will be sent to Minister of Economic Affairs Morgan Hwang (
Despite the price rise, the state-owned Taipower said it was still set to post losses of around NT$11.3 billion (US$353 million) this year because of escalating fuel costs.
Next year's losses will probably fall between NT$12.5 billion and NT$17.5 billion, Taipower chairman Edward Chen (
Without the hikes, Taipower would have lost more than NT$23 billion this year, he added.
Taipower's net income dipped to NT$1.94 billion last year from NT$7.1 billion a year ago, while operating costs climbed 9.4 percent to NT$346.4 billion, according to the Taiwan Stock Exchange.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS