Taipower held its annual shareholders meeting today (June 16, 2023). Taipower stated that in recent years, the government, private sector, and Taipower have been committed to promoting green energy development. As of the end of last year, the total installed capacity of renewable energy accounted for 25% of the overall power system. Notably, the generation of electricity from wind and solar power reached a significant milestone in December, exceeding 6 million kilowatts, and reaching a new high of 7.878 million kilowatts this May. This means nearly 1 out of 3 kWh of electricity generated is from green energy sources. Taipower also highlighted that the net purchase of electricity from renewable sources last year was nearly 21.6 billion kWh, a 37% increase from the previous year’s 15.8 billion kWh. This is equivalent to supplying the annual electricity consumption of approximately 5.3 million households and has contributed to a reduction of nearly 3 million metric tons of carbon dioxide emissions, further advancing steps toward achieving carbon neutrality.
The 2023 shareholders meeting was chaired by Taipower’s Acting Chairman, Tseng Wen-Sheng; President Wang Yao-Ting presented the operational report for the year 2022 to shareholders. During the meeting, reports on the issuance of corporate bonds from the previous year, the financial statement, and recognition of deficit appropriations were presented. Additionally, the meeting included the biennial election of directors.
- Taipower’s Acting Chairman, Tseng Wen-Sheng (left), presided over the 2023 shareholders meeting, and Taipower President Wang Yao-Ting (right) presented the 2022 operational report to shareholders. During the meeting, reports on the issuance of corporate bonds from the previous year, the financial statement, and recognition of deficit appropriations were also discussed.
Looking back at Taipower’s operational performance in 2022, due to prolonged hot weather, the highest national electricity demand reached 40.75 million kilowatts on July 22nd, exceeding 40 million kilowatts for the first time. The total electricity sales volume for the year also reached a new record high of 236.76 billion kWh. Taipower explained that in the face of extreme weather conditions, the company continued to effectively plan the annual maintenance schedule of power units and implement precise scheduling to respond to contingencies. Even during last year’s peak electricity demand period, Taipower maintained a stable and abundant power supply.
Taipower stated that by the end of last year, the total installed capacity of the power system reached 53.74 million kilowatts, an increase of 2.58 million kilowatts compared to 2021. This increase is primarily attributable to the growth in solar and wind power. The installed capacity of renewable energy purchased for power generation also reached 13.58 million kilowatts, surpassing 25% of the entire power system. Taipower pointed out that the significant increase in renewable energy has shifted the power supply pressure to nighttime peak periods and gradually changed the power dispatching model. For instance, it flexibly combined rapid-response units like hydro and gas turbines and adjusted pumped-storage hydro to daytime pumping and nighttime power generation. Taipower continues to refine traditional unit dispatching strategies and integrate new time-based electricity pricing, demand response, and other demand-side management measures to enhance overall power supply stability.
Regarding the financial aspect, the international fuel prices in 2022 were significantly affected by Russia’s invasion of Ukraine and extreme weather conditions, leading to a sharp increase in both generation and purchased electricity fuel costs for Taipower. With total revenue of NT$728.6 billion and total expenses of NT$955.6 billion, there was a pre-tax net loss of NT$227 billion for the previous year. After accounting for a benefit of NT$7 billion in income taxes, the after-tax net loss amounted to NT$226.3 billion. As of the end of last year, the accumulated deficit stood at NT$206.1 billion. Taipower pointed out that international fuel prices remain relatively high this year, resulting in an accumulated deficit of NT$305.8 billion as of the end of April.
In pursuit of prudent management to uphold the mission of ensuring a stable power supply, since last year, Taipower has been seeking government support, including a capital injection of NT$150 billion into Taipower for power generation projects, and an infusion of a special budget of NT$50 billion through comprehensive measures. Additionally, the Electricity Tariff Review Committee decided on an average electricity price adjustment of 11% starting from April this year, which is expected to increase revenue by approximately NT$60 billion. Facing financial challenges, Taipower is conducting asset revaluation to enhance net worth and prepare for future risks. Simultaneously, it closely monitors international fuel price trends and employs effective procurement strategies to reduce fuel costs, making concerted efforts to mitigate losses.
In response to the global energy transition and the trend toward net-zero emissions, Taipower has adopted the strategies of “low carbon first, then zero carbon” and “demonstration first, then implementation”. Three main areas of advancement include the power source, the power grid, and the demand side. This includes continued deployment of combined cycle units and the implementation of carbon reduction technologies. Taipower is dedicated to enhancing the resilience of the power grid while promoting energy conservation, demand response, and other demand-side management measures to balance a stable power supply and achieve the national net-zero emissions goal.
Spokesperson: Chief Engineer Wu Chin-Chung
Contact Number: (02)2366-6271/0910-192-766
Business Contact: Chief Secretary, Chen Li-Jung, Board Secretary
Contact Number: (02)2366-6210/0911-287-969