Taiwan Power Co (Taipower, 台電) plans to keep electricity rates unchanged for the next six months for households and industrial customers, as the state-run utility aims to tame surging inflation and help the public navigate rising living costs.
The average power rate remains at NT$2.8458 per kilowatt-hour (kWh) after price increases in July.
The Ministry of Economic Affairs made the announcement after concluding an electricity price review committee meeting yesterday.
Photo: CNA
The decision also represented a positive response to calls from major business groups for steady electricity pricing. Businesses said a 15 percent hike in July was a major hit to local manufacturers.
The committee yesterday also said that it would expand the summer power rate period by one month to Oct 15, targeting high-voltage power users, usually industrial customers. About 25,000 users are to be affected, the ministry said.
The adjustment is a response to longer periods of high temperatures due to a warming climate that require a measure to stabilize power supply in the fall, the ministry said.
Taipower usually shuts a coal-fired generator in October to reduce carbon emissions, as air pollution tends to increase with the arrival of autumn. The designated plant has an installed capacity of 2.7 million kilowatt, it said.
In a supporting measure to this adjustment, Taipower said it would reduce electricity rates for lower-temperature seasons to keep each year’s power rates flat for industrial users.
The new pricing mechanism for industrial users is to take effect next year.
The new price scheme should reduce peak-hour power consumption by about 500 megawatt, equal to the installed capacity of a power unit at Taichung Power Plant (台中電廠), Taipower said.
The July rate hikes have raised Taipower’s revenue by about NT$28.8 billion (US$918.7 million), the ministry said.
Taipower has accumulated NT$123.2 billion in losses during the first 7 months of this year. The company expects the losses to widen in the remaining period of this year, given high energy costs.
Taipower continues to face high energy costs as global coal prices remain at historical highs ranging from US$400 to US$450 per tonne, the ministry said.
The prices of crude oil and natural gas pulled back slightly from peak levels, as economic slowdowns worldwide curtailed energy consumption, the ministry added.
The electricity price review committee is to meet again in March next year.
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