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Large Consumers, Individuals Fear Price Hikes After Taipower Budget Cut by US$3B
TaiwanPlus News
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1/23/2025
Large industrial users and household consumers alike are concerned about what a US$3 billion budget cut to Taiwan's state-owned power company, Taipower, could mean for electricity prices.
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00:00
With each motion, these machines are making money for Taiwan's industries, but also consuming
00:07
huge amounts of electricity.
00:10
The cost to run them may increase soon, as the state-owned power company Taipower faces
00:14
a US$3.1 billion hit to its budget for subsidies.
00:19
Those extra funds had kept prices stable for big manufacturers and ordinary consumers alike.
00:25
Now, large energy users are worried about what the higher cost of electricity could
00:29
look like.
00:43
Energy resilience is a major concern for the country, which imports nearly all of its energy.
00:48
And Taipower says it needs the subsidies to replace old equipment, prevent outages and
00:53
implement energy-efficient guidance.
00:55
By the end of 2024, Taipower had accrued US$12.8 billion in losses, and opposition
01:02
parties say the government is pursuing the wrong energy policy.
01:06
Now with significant budget cuts, Taipower must decide where to slash spending.
01:11
And while large electricity consumers may take a hit first, residential users are worried
01:16
about potential price hikes too.
01:25
But others had mixed feelings about the cuts and their potential impact.
01:55
The chair of Taiwanese electronics manufacturer Pegatron suggests bringing back nuclear power
02:16
to take care of the country's energy needs.
02:19
But nuclear is a non-renewable energy source that the ruling Democratic Progressive Party
02:23
has been trying to wean the country off of, and the last reactor is scheduled to shut
02:27
down in May.
02:29
Some environmental researchers say a return to nuclear could set the country back on its
02:33
energy goals to achieve a mix of natural gas, coal and renewable sources, or even increase
02:39
costs in the long run.
02:52
The government has been phasing out nuclear reactors in accordance with a rule that only
02:56
grants them a 40-year operating license.
02:59
And Taipower says extending the one for the final nuclear reactor is not an option.
03:05
With the impact of the budget cuts on consumers yet to be decided, Taipower and the government
03:09
will need to keep searching for solutions to the country's energy woes.
03:13
Andy Xue and Tiffany Wong for Taiwan Plus.
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