June 21, 2024 - Taipower held its 2024 Annual Shareholders Meeting today (June 21), explaining to shareholders that in recent years, Taipower has not only taken on the mission of providing a stable power supply but has also helped the country stabilize prices, support livelihoods, and mitigate impacts on industries amid rising international fuel prices. Regarding the Company's financial challenges, Taipower explained that to maintain the sustainable financial operation of the power industry, protect the public's electricity rights, and support social and economic development, it will actively seek a government subsidy of NT$100 billion. At the same time, Taipower will strengthen its financial operations, striving to break even this year.

Taipower's 2024 Annual Shareholders Meeting took place today. The meeting was officiated by Taipower Chairman Wen-Sheng Tseng, with President Yao-Ting Wang presenting the 2023 business report to shareholders. During the meeting, they also reported on last year's corporate bond issuance and this year's private placement of common stock for capital increase. The meeting included the approval of last year's financial report and business report, and the allocation of funds to cover losses.
Taipower pointed out that this year's extraordinary shareholders meeting approved a private placement of NT$100.1 billion in common stock, which was fully subscribed by the Ministry of Economic Affairs, raising the Company's paid-in capital to NT$580 billion. The funds from the private placement, which were fully collected in May, will be used for power development, grid resilience, and other infrastructure projects to ensure a stable power supply.
Taipower explained that the Russia-Ukraine war caused a surge in international fuel prices, which resulted in annual fuel expenditures exceeding NT$600 billion for the past 2 years. Last year, Taipower's total revenue was NT$801.5 billion, whereas expenditures reached NT$1 trillion. The pre-tax net loss was NT$198.5 billion, and after adding NT$1.4 billion in income tax expenses, the post-tax net loss amounted to NT$199.9 billion. By the end of last year, the accumulated losses totaled NT$382.6 billion.
Taipower stated that the financial stability of the power industry is closely tied to the public's electricity rights and the country's economic development. Therefore, Taipower will actively seek a government subsidy of NT$100 billion, which is essentially a subsidy for all citizens. This is due to past electricity price adjustments made to stabilize prices and support the livelihood of the general public, vulnerable groups, and declining industries through electricity bill subsidies. Additionally, Taipower will take various measures to enhance its financial operations and performance, such as improving fuel procurement strategies, reinvestment, asset revaluation, and this year's electricity price adjustments. Taipower aims to achieve a "break-even" target this year, ending 2 consecutive years of losses. This will also help Taipower continue investing in power infrastructure, strengthening the grid, and ensuring a stable power supply.
Regarding this year's power supply situation, the Ministry of Economic Affairs has instructed Taipower to conduct monthly inventories during the second half of the year. Although some units are gradually being decommissioned, new units such as Unit 3 of the Fong Der Power Plant, Unit 9 of the Datan Power Plant, the new Unit 1 of the Hsinta Power Plant, and Unit 7 of the Datan Power Plant will be coming online successively, ensuring a stable power supply throughout the year.


Spokesperson: Vice President Chih-Meng Tsai
Tel: (02)2366-6271/0958-749-333
E-mail: [email protected]
Contact Person: Secretary Office of the Board, Chief Secretary Shou-Fu Cheng
Tel: (02)2366-6210/0900-781-357
E-mail: [email protected]