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Taipower estimates July losses to top NT$6 billion

TAIPEI--State-run Taiwan Power Co. (Taipower) has estimated its losses for July will exceed NT$6 billion (US$199 million), increasing the company's accumulated losses to NT$195.7 billion.

Taipower Chairman Hwang Jung-chiou said Friday the loss estimate, which was higher than a previous forecast, reflected higher operating costs due to a 2.99 percent hike in natural gas prices by state-run oil refinery operator CPC Corp., Taiwan.

The utility company had previously expected its bottom line would improve last month after the government implemented a phased-in hike in electricity rates in June.

Taipower's losses for May reached NT$16.5 billion and the figure fell to NT$9.74 billion for June.

In the first six months of this year, Taipower incurred NT$58.3 billion in losses, according to the company.

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