The government is suspending a planned increase in electricity rates that was originally scheduled to take effect in December, Premier Sean Chen (陳冲) announced yesterday.
Chen said the decision to delay the price hikes until Oct. 1 next year, after seasonally adjusted higher level summer electricity rates come to an end on Sept. 30, was based on the current economic situation and general living conditions.
Postponing the rate hike was the consensus of government officials and the Chinese Nationalist Party (KMT), Presidential Office Secretary-General Tseng Yung-chuan (曾永權) said on Sunday after lawmakers met with the Presidential Office and Cabinet officials to discuss the policy.
Photo: CNA
With state-run Taiwan Power Co (Taipower, 台電) suffering heavy losses, the Ministry of Economic Affairs announced in May a three-stage electricity price hike plan.
The plan involved raising household electricity prices by 16.9 percent, commercial rates by 30 percent and industrial usage rates by 35 percent. The first stage, accounting for 40 percent of the total planned increase, took effect on June 10. Another 40 percent of the planned increase was to have taken effect on Dec. 10, but that has now been postponed.
There was no definite timeline for the remaining 20 percent of the rate hike, which was to be put in place once Taipower streamlined its operations to a level that satisfied the government.
Taipower union secretary-general Pan Hsin-chung (潘興中) yesterday urged the government to introduce a floating mechanism for electricity rates so that actual fuel costs can be reflected in electricity prices.
A similar mechanism is used to adjust gasoline and diesel prices on a weekly basis.
In related developments, the premier yesterday unveiled five major aspects of the Cabinet’s future work, with a focus on economic stimulus measures aimed at helping tackle the nation’s economic slowdown.
One of the top tasks is to “map out new economic development and strengthen local industries,” Chen said at a meeting held by the KMT for the Cabinet and KMT lawmakers to discuss priority bills during the second legislative session, which is set to begin today.
The Cabinet “will take the responsibility of addressing the tough challenges” in the face of the country’s economic downturn, Chen said.
Last month, Taiwan cut its GDP growth forecast for this year to 1.66 percent, from a previous estimate of 2.08 percent a month earlier, as unemployment rose for the third consecutive month.
In the future, the government will put more effort into pushing for free-trade agreements or other economic cooperation pacts with other countries, Chen added.
It is also aiming to join the Trans-Pacific Partnership to further boost Taiwan’s international trade, he said.
The Cabinet unveiled an economic stimulus plan on Sept. 11 that includes helping local industries expand their export markets and become more diverse, strengthening talent development and boosting investment.
ECONOMIC RESILIENCE: Only 11.4 percent of Taiwan’s overseas investments last year were in China, and businesses are dispersing their investments elsewhere, Lai said China’s ambition to annex Taiwan is based on a desire to change the rules-based international order, rather than a desire for territorial gains, President William Lai (賴清德) said in an interview. During an appearance on the talk show The View With Catherine Chang, aired last night, Lai said China aimed to achieve hegemony, and that peace and stability in the Taiwan Strait was an issue of worldwide concern. During the interview, Lai also discussed his “four-pillar plan” for peace and prosperity, which he first outlined in an article published by the Wall Street Journal on July 4 last year. That
‘REGRETTABLE’: TPP lawmaker Vivian Huang said that ‘we will continue to support Chairman Ko and defend his innocence’ as he was transferred to a detention facility The Taipei District Court yesterday ruled that Taiwan People’s Party (TPP) Chairman Ko Wen-je (柯文哲) be detained and held incommunicado over alleged corruption dating to his time as mayor of Taipei. The ruling reversed a decision by the court on Monday morning that Ko be released without bail. After prosecutors on Wednesday appealed the Monday decision, the High Court said that Ko had potentially been “actively involved” in the alleged corruption and ordered the district court to hold a second detention hearing. Ko did not speak to reporters upon his arrival at the district court at about 9:10am yesterday to attend a procedural
Thirty Taiwanese firms, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and ASE Technology Holding Co (日月光投控), yesterday launched a silicon photonics industry alliance, aiming to accelerate the medium’s development and address the energy efficiency of artificial intelligence (AI) devices like data centers. As the world is ushering in a new AI era with tremendous demand for computing power and algorithms, energy consumption is emerging as a critical issue, TSMC vice president of integrated interconnect and packaging business C.K. Hsu (徐國晉) told a media briefing in Taipei. To solve this issue, it is essential to introduce silicon photonics and copackaged optics (CPO)
The High Court yesterday overturned a Taipei District Court decision to release Taiwan People’s Party Chairman Ko Wen-je (柯文哲) and sent the case back to the lower court. The Taipei District Prosecutors’ Office on Saturday questioned Ko amid a probe into alleged corruption involving the Core Pacific City development project during his time as Taipei mayor. Core Pacific City, also known as Living Mall (京華城購物中心), was a shopping mall in Taipei’s Songshan District (松山) that has since been demolished. On Monday, the Taipei District Court granted a second motion by Ko’s attorney to release him without bail, a decision the prosecutors’ office appealed
RSS