Due to global warming and accompanying droughts, there is an energy shortage all over the world. In a world based on continuous consumption, energy use is also at its peak. We are slowly moving towards a point where every field will be negatively affected by this vicious circle.
Energy prices rise in Taiwan
There is no competitive environment in Taiwan, which is an island country, and the government determines the average price of fuel and energy. This week, the Ministry of Economy increased electricity prices by 15 percent for businesses that use high rates. Thus, it reached an amount of 10.43 cents per kilowatt hour.
The increase is not very important for households with low electricity consumption, but it means extra costs, especially for businesses with huge consumption such as TSMC. Some sources state that TSMC will have to pay more, between $135-270 million.
TSMC pushed the button to switch to 100 percent renewable energy in the long term. The company, which buys all renewable energy capacity in Taiwan, also produces energy at its own facilities. Thus, it uses 12-15% renewable energy. However, rising energy prices will be reflected to customers and end users in the near future.
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