TAIPEI (TVBS News) — Taiwan's Minister of Economic Affairs J.W. Kuo (郭智輝) warned on Thursday (Jan. 16) that Taiwan Power Company's (Taipower, 台電) finances will suffer significantly if the government cuts the company's budget. The Electricity Price Review Committee (電價審議委員會) will decide on any potential electricity rate adjustments, Kuo added during a press conference.
The opposition party has threatened to cut Taipower's additional budgets for 2024 and 2025, totaling NT$200 billion (around US$6.07 million). Kuo emphasized that subsidizing Taipower is essential for maintaining stable electricity prices for the public.
Kuo noted that Taipower absorbed over NT$280 billion (around US$8.5 million) in electricity costs from 2022 to 2024, effectively subsidizing the entire population. He also pointed out that without legislative support, several economic development projects, including public-private partnerships and SME transformation initiatives, will face setbacks.
The economics minister stressed that significant budget cuts will affect industry and people's livelihoods, impacting Taiwan's future transformation. He urged the Legislature to prioritize the nation's livelihood, economy, and future while reviewing the budget. With these potential budgetary challenges, Taiwan's economic stability and transformation efforts hang in the balance.