Taipower Holds Shareholders' Meeting: Aiming to Secure 100 Billions NTD in Government Subsidies for the Public and Committed to Achieving Break-Even This Year

Taiwan PowerCompany (Taipower/TPC) held its 2024 annual shareholders' meeting today (21st), chaired by Chairman Wen-Sheng Zeng, with General Manager Yao-Ting Wang reporting on 2023 operations. Amid rising international fuel prices, Taipower has ensured a stable power supply, mitigated inflation, and supported public welfare and industries.

Facing financial challenges, Taipower plans to secure a NT$100 billion government subsidy to ensure sustainable operations and aims to balance this year's financials. The meeting approved the issuance of corporate bonds and private equity funding, raising capital to NT$580 billion, used for power development and grid reinforcement.

The Russia-Ukraine war spiked fuel prices, with annual fuel costs exceeding NT$600 billion in the past two years. Last year, Taipower reported revenues of NT$801.5 billion and expenses of NT$1 trillion, resulting in a pre-tax loss of NT$198.5 billion and an after-tax loss of NT$199.9 billion, with cumulative losses reaching NT$382.6 billion by year-end.

Taipower will actively seek a $100 billion subsidy for nationwide relief to stabilize prices and support vulnerable groups and declining industries. Financial strategies include optimizing fuel procurement, reinvestment, asset revaluation, and adjusting electricity rates to achieve financial balance and end continuous losses, while continuing to invest in power infrastructure and grid stability.

The Ministry of Economic Affairs has required Taipower to conduct monthly power supply assessments. Despite some unit retirements, new units from Fengde Power Plant (Unit 3), Datan Power Plant Station (Unit 7 & 9), and Hsinta Power Plant (Unit 1) will come online, ensuring stable power supply throughout the year.