$13 Billion Energy Bill: Taiwan Takes Steps to Stabilize Prices Amid Global Price Surge

Taiwan's government plans to allocate an additional T$415 billion ($13.0 billion) in energy spending this year due to sharply rising global prices, according to a statement from the economy ministry.

The funds will help Taiwan's main power producer Taipower and oil refiner CPC absorb costs associated with price differentials.

State-owned CPC is struggling to cope with the impact of high global energy prices, which has resulted in accumulated losses exceeding T$127.6 billion, making borrowing difficult for the company.

The economy ministry emphasized that maintaining price stability and ensuring a stable natural gas supply are matters of utmost urgency, calling on Taiwan's parliament to support the spending plans.