Electricity pricing will follow September committee decision: Vice minister

Taipei, June 26 (CNA) Taiwan's Ministry of Economic Affairs (MOEA) will determine whether to raise electricity prices based on the outcome of a pre-arranged September meeting of its electricity rate review committee, Vice Minister Lai Chien-hsin (賴建信) said Thursday.

A Taiwanese media report the same day speculated that a 5 percent rate hike affecting 14.5 million residential and industrial customers was being considered for October if a NT$100 billion subsidy designated for Taiwan Power Co. (Taipower), the country's state-owned energy supplier, is not approved by the Legislature.

Minister of Economic Affairs Kuo Jyh-huei (郭智輝) said the September committee meeting would have "no reason not to raise prices" if the Legislative Yuan does not approve the NT$100 billion subsidy, according to the report.

The Executive Yuan has submitted a special bill to the Legislature that earmarks NT$100 billion for Taipower as part of an NT$410 billion package to address international challenges.

Vice Minister Lai said the MOEA has already established a review mechanism to evaluate electricity rates, and the committee meets biannually.

Lai added that due to recent instability in the Middle East, the MOEA has also formed an emergency response team to estimate possible energy price scenarios.

The team has held nightly meetings following the start of the Israel-Iran conflict to monitor global developments and the stability of energy supply and reserves, Lai said.