Taiwan Allocates $13 Billion to Shield Consumers From High Energy Costs

Taiwan is allocating the equivalent of $13 billion for energy cost support for state power generation company Taipower and refiner CPC, Reuters has reported, to offset the sharp cost inflation resulting from the war in the Middle East. Taiwan is already subsidizing energy costs for consumers to avoid a spike in bills, unlike other countries that have passed additional costs on to consumers and businesses, despite efforts to cushion the blow with excise duty cuts and other measures. The situation with state oil refiner CPC is particularly challenging,…