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Cabinet approves NT$100 billion subsidy for Taipower
The cabinet has approved an additional subsidy of NT$100 billion for Taiwan Power Company (Taipower).
The subsidy has been included in the fiscal 2024 budget proposal and is based on Taipower's sustaining severe losses and complying with government policies.
According to the Taipower vice president Wang Zhen-yong, the company stands to lose NT$210 billion this year without the subsidy and the hiking of electricity rates.
Wang says the NT$100 billion subsidy and the rate hikes mean the state-owned utility will likely be able to reduce its losses to NT$10 billion.
The subsidy proposal is now pending review in the Legislative Yuan. It comes as lawmakers from the KMT and the Taiwan People's Party are seeking to require legislative approval for any adjustments to electricity prices.
