TAIPEI (Taiwan News) — Economics Minister Kuo Jyh-huei (郭智輝) said he hopes for a NT$200 billion (US$6.14 billion) subsidy to cover Taiwan Power Company (Taipower) costs incurred by absorbing residential electricity rates on Wednesday (Nov. 20).
At a Legislative Yuan’s Economic Committee session on Wednesday, Legislator Yang Chiung-ying (楊瓊瓔) criticized Taipower’s recent budget requests, accusing the company of using the people as an ATM to cover its losses, which she said was unfair to the public and Taipower, per CNA.
Kuo responded that a financial improvement plan would be submitted by the end of the year. As for whether subsidies will be needed next year, he said, “It is not possible to determine now.”
According to Taipower’s 2024 budget, the projected total revenue is NT$1 trillion, and the total expenditure is NT$997.1 billion. The pre-tax net profit is expected to be NT$7.7 billion, an increase of NT$196.4 billion compared to the NT$188.7 billion loss projected in the 2023 budget.
Taipower said it will continue to develop power sources and invest in the power grid. The 2024 fixed asset investment plan totals NT$269 billion, including NT$145.7 billion for special projects and NT$123.3 billion for general construction and equipment projects.