Monday, May 29, 2006

Electricity Rates to go up in July

Taiwan's electricity rates are headed up this summer...

Taiwan's electricity tariffs will likely rise by 5.8% on average starting July 1, the Ministry of Economic Affairs' Vice Minister Hou Ho- shong said Monday.

The electricity and natural gas pricing committee under the ministry has agreed to adopt one of Taiwan Power Co.'s two proposals on a fee hike to stem a further decline in the government-run company's earnings, Hou told reporters after a special meeting of the committee.

The fee hike still needs the final approval of Hwang Ing-san, the Economic Affairs minister, he said.

Taiwan Power, or Taipower, is the island's sole electricity provider, and the fee hike, once finalized, would be the company's first in 23 years.

It's amazing, and symptomatic of how low utility prices are here, that it is the first rate hike since the 1980s. I think I'll go and enjoy some of my US$4 a month water now.

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