Taiwanese state-run power and gas utility Taiwan Power Company (Taipower) expects to receive its first LNG imports by 2023 as it has signed two non-binding deals recently. This would also mean that the state-held petroleum, natural gas, and gasoline company CPC Corporation would lose its status as Taiwan's sole LNG importer. The company's LNG imports are predicted to grow from the current 0.15 Mt/year to 3.6 Mt/year in 2032.
CPC owns the country’s two LNG terminals, Yong-An (9.5 Mt/year) and Taichung (4.5 Mt/year), but Taipower currently consumes about two-thirds of the country's imported LNG as it received government permission to source the fuel from international markets in 2014. Taipower has a capacity of nearly 32 GW and its generation fleet is dominated by thermal power and particularly gas-fired power plants with a combined capacity of 11.3 GW, which means it is very dependent on LNG imports and global gas prices. Its consumption of natural gas has more than doubled since 2009.
Interested in LNG Databases?
World LNG Database offers a complete set of data on LNG markets. The service provides detailed information on existing and planned liquefaction and regasification plants. It also includes LNG shipping around the world, LNG contracts, time series on regasification and liquefaction capacities, LNG flows and LNG prices for all players in the market.