Electricity price hike to drive up costs: business heads

TAIPEI (TVBS News) — Fubon Financial Holding Chair Daniel Tsai announced on Wednesday (March 27) that the electricity prices increase in April will lead to an expected overall rise in commodity prices.

Tsai analyzed that once electricity prices increase, it is likely that all prices will follow suit, as electricity is essential for production and services. He also believes the Central Bank is aware of the impending price increases, or that prices are already rising.

Regarding the economic growth performance for 2024, Tsai expressed confidence, predicting it will exceed 3%.

In addition, Tung Tzu-hsien, chairman of Pegatron Corp, pointed out that Taiwan, Japan, and South Korea do not produce oil and natural gas, so electricity prices can be compared.

Tung stated that the increase in Taiwan's electricity prices is inevitable. The government has been subsidizing electricity costs with taxpayers' money for many years, which is not a complete solution.

Tung further noted that in Taiwan, the manufacturing industry accounts for 56% of total electricity consumption, while the service industry accounts for 18%. Given that the manufacturing industry is a major electricity consumer, Tung suggested that "everyone should share the burden and accept a reduction in government subsidies."

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