Taipower chairman stresses need for efficient energy market

04 July, 2024

Courtesy of ICRT

Taipower Chairman Tseng Wen-sheng says he believes Taiwan needs an efficient energy market if it hopes to reach net zero emissions by 2050.

During a climate change summit in Taipei, Tseng said the development of renewable energy requires new technologies and investment, “decisions about which are multifaceted.” However, he stressed the government has many factors to consider, which can make decision-making slow and inefficient.

Tseng said if renewable energy-related industries can be shaped by market forces, decisions can be made more efficiently, “but it all comes down to renewable energy being able to be traded on an efficient energy market.”

The Taipower chairman said an “intermediary mechanism” should be established to “equalize the risk of uncertainties” the company could experience in the years covered by the agreement. He added that the intermediate mechanism requires collaboration between Taipower and the supply side, or financial institutions, who can help remix different batches of energy products into a product that has a relatively stable price.

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