No plans to raise electricity rates in 1st half of 2025: Ministry

Taipei, March 28 (CNA) The Ministry of Economic Affairs (MOEA) announced Friday that electricity rates will remain unchanged in the first half of 2025, following a unanimous decision by the Electricity Price Review Committee convened earlier that day.

Deputy Minister of Economic Affairs Lai Chien-hsin (賴建信) told a press conference after the committee meeting that the decision was based on concern over fluctuations in the global economy and commodity prices, due to international tariff policy changes and geopolitical risks.

The ministry will continue fighting for further budget allocations to Taiwan Power Co. (Taipower) to stabilize the state-run company's financial situation, Lai said.

As global fuel prices rose between 2022-2024, many countries hiked electricity rates, which pushed up commodity prices. In contrast, Taiwan's rate adjustments were more moderate, in order to stabilize commodity prices and maintain industrial competition, according to the MOEA.

Taipower has borne the cost of this policy, accumulating losses of NT$422.9 billion (US$12.76 billion) by the end of 2024.

Executive Yuan spokesperson Michelle Lee (李慧芝) said after the MOEA announcement that Premier Cho Jung-tai (卓榮泰) expressed gratitude to Taipower for its cooperation with government policies, which has helped keep Taiwan's inflation rates relatively moderate compared to those of other countries.

She cited Cho as saying that the price stabilizing team in the Cabinet will continue its work.

Cho also urged the Legislature to swiftly approve the Cabinet's request for an additional NT$100 billion budget for Taipower in 2024 to help alleviate the heavy financial burden on the utility, Lee said.

As electricity prices remain unchanged, household electricity rates are maintained at NT$2.77 per kilowatt-hour and industrial electricity rates at NT$4.27 per kilowatt-hour. The average electricity rate stays at NT$3.7556 per kilowatt-hour.