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Rising electricity prices worry Taiwanese businesses

Reporter Vivian Hsiao
Release time:2023/05/18 16:58
Last update time:2023/05/18 16:58
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TAIPEI (TVBS News) — With summer approaching, Taiwan is preparing for another electricity hike. In early April, the average industrial electricity consumption price rose 14.2% from NT$2.91 to NT$3.38 per Kilowatt-hour.

Starting June 1, Taiwan will begin its annual energy price hike, and experts estimate a 28% increase in electricity prices for businesses like hot pot restaurants.

 

The government aims to promote reduced electricity usage by raising energy prices.

However, concerns arise that businesses will pass higher electricity costs to consumers, further impacting them.

Still, Nicholas Ku, deputy secretary-general, Association of Chain and Franchise Promotion's (Taiwan), dispels such worries as he explains, "The increase in electricity prices won't necessarily mean businesses will immediately pass on the burden to consumers."
 

"This depends on the business," Ku said, adding that they "would recommend that in the face of these price hikes, rather than using the market price to reflect this fluctuation, businesses should take the opportunity to review their process management and evaluate the quality of their business."

Taiwan has experienced a continuous surge in the prices of daily commodities, such as a 30% increase in the prices of eggs and guavas over the past 21 months, along with rising costs of overseas travel packages and education fees.

As wage increases struggle to keep up with the rising living costs, the government must implement comprehensive policies to mitigate the impact of the upcoming electricity price hikes on the general public.

Taiwan Business

#Taiwan#electricity price hikes#summer#costs of living#business

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