April 9, 2012 / 10:21 AM / 7 years ago

Taiwan's Taipower seeks to raise electricity prices

TAIPEI, April 9 (Reuters) - Taiwan’s economic ministry said on Monday that said Taipower has applied to raise electricity prices by mid-May in response to a surge in global crude prices this year.

State-owned Taipower has proposed raising electricity prices for industrial use by 20-30 percent and residential tariffs by up to 10 percent and commercial rates by more than 20 percent, the ministry said.

The proposal will be reviewed by the ministry on Wednesday.

The government on April 1 raised petrol prices by an average of 10.7 percent effective April 2.

The economics ministry estimated the petrol price rise, the second biggest ever, would add 0.37 of a percentage point to the consumer price index and cut GDP growth by 0.22 of a percentage point.

Reporting by Miaojung Lin; Writing by Clare Jim; Editing by Ed Lane

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