TAIPEI (TVBS News) — Premier Cho Jung-tai (卓榮泰) announced on Tuesday (Nov. 19) plans to subsidize Taiwan Power Company (台灣電力公司) with NT$100 billion to address rising international fuel costs and stabilize prices. Executive Yuan (行政院) approved this supplementary budget on May 2 to support Taiwan Power Company's sustainable operations and ensure stability in energy supply, economic development, and national security.
Premier Cho, along with Minister of Directorate General of Budget, Accounting and Statistics Chen Shu-tzu (陳淑姿) and Finance Minister Chuang Tsui-yun (莊翠雲), attended the Legislative Yuan (立法院) to report on the budget's preparation process. Executive Yuan noted that the 2022 Russia-Ukraine war increased international fuel prices, causing global inflation and challenges for nations facing rising fuel costs.
Premier Cho highlighted that countries like Japan and France have used fiscal budgets to subsidize and ease the burden on users, viewing it as a measure to adjust electricity prices. He emphasized Taiwan Power Company's contribution to the economy and people's livelihoods by absorbing the price gap between soaring international fuel costs and domestic electricity prices since 2022.
Premier Cho reported that since 2022, Taiwan Power Company has absorbed NT$260.9 billion for household and small business electricity, NT$69.7 billion for declining industries, and NT$21.3 billion for socially disadvantaged groups due to electricity prices not reflecting costs immediately, leading to losses.