Market Report, "Taiwan Power Report 2013", published

Heavily dependent upon imports, Taiwan's power market is dominated by thermal sources, with coal, gas, and to a lesser extent, oil-fired power stations generating the majority of energy used. While Taiwan's fourth nuclear plant is almost operationally ready, growing public distrust threatens to stall the start up of this facility even as the first two nuclear plants age and need to undergo maintenance. Moreover, political and economic pressures have restricted Taipower, the state utility from raising tariffs, leaving the company stuck in the red. Despite the Taiwan government's ambitious renewable energy goals to 2025, slow progress suggests that renewables are unlikely to reach the target of a 16% share of energy produced. Owing to the slowdown in economic activity, Taiwan's power consumption rose a mere 1.25% in 2012 versus the year before, reaching 227.52 terawatt hours (TWh). However, as the economy looks set to recover this year, we believe that the growth in energy consumption will return, and average 4.0% over 2013-2022, reaching 336.63TWh by the end of the forecast period. Thermal generation, comprising coal, gas and oil, is expected to continue to drive this growth, and we forecast that it will increase by an average of 4.7% per annum during the period to 2022.

Full Report Details at
- http://www.fastmr.com/prod/664941_taiwan_power_report_2013.aspx?afid=301

There are several new power stations scheduled to enter operation over our forecast period, including new and refitted coal-fired units, Taiwan's fourth nuclear power plant and several wind farms - including plans for offshore wind turbines. However, growing public distrust of nuclear power threatens to throw the government's plans into disarray. State-owned electric power utility Taipower dominates both the generation and distribution markets, with independent power producers (IPPs) accounting for less than a quarter of the electricity market. Plans to privatise Taipower and open up the market to greater competition have yet to be realised.

Taiwan is ranked seventh in BMI's updated Asia Power Risk/Reward Ratings (RRRs). It performs much better in industry terms than in country terms, although the competitive landscape remains weak - with Taipower dominating generation, transmission and distribution and being subject to political and economic pressures that prevent it fromsecuring a return on its operations.

Key Developments In Taiwan's Power Sector This Year Include:

* Taipower selected a Japanese-led consortium to refit the Linkou 2,400 megawatt (MW) coal-based power facility in a deal worth more than JPY200bn (US$2.6bn) in H211.
* Although Taipower has maintained that its fourth nuclear power station is almost operationally ready, increasing protests from the public have raised pressure on Taipower and the ruling KuoMingTang, and may delay the start up of the plant scheduled for 2014.

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