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Deputy MOEA minister talks about Taipower losses
Deputy economics Minister Tseng Wen-sheng has been asked to explain Taipower's recent and substantial financial losses.
Taipower reported losses of NT$267.5 billion in 2022 and further losses of NT$198.5 billion last year, this, despite a government subsidy of NT$50 billion. That has resulted in total accumulated losses of NT$466 billion over the two year period.
Tseng doubles as chairman of Taiwan Power Company and was asked about the state-generator's losses at the 2024 CommonWealth Economic Forum in Taipei.
He stressed that the company operates as a state-run enterprise and as a result, is not governed by free market principles. The company also has an electricity price review committee that adjusts the price of its product if and when necessary.
Tseng said the adjustments "take fairness, price controls, inflation, and the country's competitiveness into consideration" and that recent global inflation was a major reason the company has not increased energy prices to compensate for its operational losses.
Tseng added that potential increases will be considered once commodity prices stabilize.
