Taiwan lawmakers have approved draft amendments to the Electricity Act, which will introduce the first change in the law for five decades.
Under the draft Electricity Act, all nuclear power plants will have to stop operations by 2025. Taiwan will promote renewable energies by means of preferential rates for renewable producers; in addition, small renewable generators will be exempted from preparing operating reserves. By 2025, the monopoly of state-owned Taiwan Power Company (Taipower) will be removed, the company will be privatised between 2023 and 2026 and a holding company will be set up and split into a generation company and a distribution company. An electricity trade platform will be created, along with an electricity price stabilisation fund to prevent dramatic price fluctuations; electricity prices will remain unchanged in the first half of 2017 and the price formula will be recalculated later to adapt to rising fuel costs.
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