Taiwan Cuts Utility Budget in Move That May Increase Power Costs
- Lawmakers agreed to cut $3.1 billion of funding for Taipower
- State-owned company says move threatens energy security
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Taiwan cut NT$100 billion ($3.1 billion) of funding for its struggling utility, which may seek higher electricity rates that could impact some of the world’s biggest chipmakers.
Lawmakers agreed to the reduction in the 2025 budget on Monday as they called for a re-evaluation of the island’s energy policy, local media reported. The move will weaken Taiwan Power Co.’s ability to support power prices, and paralyze its ability to renew and replace electrical equipment, the utility said on Monday.