Authorities propose annual electricity rate adjustments

The annual adjustment proposal is likely to be adopted, Hwang Jung-chiou said.

Moreover, the adjustment scale of household electricity prices and that of prices for industry-use electricity will be discussed separately, he said.

According to Hwang, an electricity rate adjustment formula has already been drafted, under which electricity rates will be adjusted based on changes in fuel costs, nonfuel costs and “reasonable profits.”

While fuel costs are the key factor affecting electricity prices, a ceiling will likely be set to cap any price adjustments, he said.

The planned formula is now being reviewed by officials at the Bureau of Energy under the Ministry of Economic Affairs (MOEA), he added, noting that the final package, including the implementation date, will have to obtain the consent of the MOEA and the Cabinet before it can be put into effect.

The new mechanism will most likely go into force Oct. 1 at the earliest following the July-September period, when higher summer electricity rates are in effect, he said.

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