German firm InfraVest Wind Power Co (英華威集團), Taiwan’s only private wind power generator, confirmed yesterday it was pulling out of the market because it “doesn’t have confidence” in the government’s push for renewable energy.
“It is ending now,” vice president Yuni Wang (王雲怡) said. “We are not putting more investment into Taiwan this year.”
Without further capital, the company will not build more wind farms or purchase wind turbines, she told the Taipei Times at her Taipei office, adding the company was in the middle of “dealing with” its existing equipment.
The measures include selling the equipment and wind farms, she said, but the company was still waiting for the announcement of concrete details.
InfraVest has more than 50 employees in Taipei and it recently retrenched one-fifth of them, with a second layoff to come in the next two months, she said. Employees approached for a comment refused to say anything except that they “were worried.”
The company entered Taiwan in 2000 and has since poured more than NT$10 billion (US$3 billion) into local operations. Its pullout follows the government’s announcement in December that it would buy energy produced by private firms’ wind-powered generators at NT$2.38 per kilowatt.
“This is too low and for us to make a profit. The price should be in the range of NT$2.9 to NT$3.5 per kilowatt, like what is happening in China,” Wang said.
The Bureau of Energy said that the tariffs were decided after public hearings and evaluation committee’s meetings, adding it would be hard to please every company.
Since the government’s purchase of renewable energy would be transferred to the public, the tariffs must not burden the public, the bureau said in a statement.
SELL-OFF: Investors expect tariff-driven volatility as the local boarse reopens today, while analysts say government support and solid fundamentals would steady sentiment Local investors are bracing for a sharp market downturn today as the nation’s financial markets resume trading following a two-day closure for national holidays before the weekend, with sentiment rattled by US President Donald Trump’s sweeping tariff announcement. Trump’s unveiling of new “reciprocal tariffs” on Wednesday triggered a sell-off in global markets, with the FTSE Taiwan Index Futures — a benchmark for Taiwanese equities traded in Singapore — tumbling 9.2 percent over the past two sessions. Meanwhile, the American depositary receipts (ADRs) of Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the most heavily weighted stock on the TAIEX, plunged 13.8 percent in
A wave of stop-loss selling and panic selling hit Taiwan's stock market at its opening today, with the weighted index plunging 2,086 points — a drop of more than 9.7 percent — marking the largest intraday point and percentage loss on record. The index bottomed out at 19,212.02, while futures were locked limit-down, with more than 1,000 stocks hitting their daily drop limit. Three heavyweight stocks — Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Hon Hai Precision Industry Co (Foxconn, 鴻海精密) and MediaTek (聯發科) — hit their limit-down prices as soon as the market opened, falling to NT$848 (US$25.54), NT$138.5 and NT$1,295 respectively. TSMC's
In a small town in Paraguay, a showdown is brewing between traditional producers of yerba mate, a bitter herbal tea popular across South America, and miners of a shinier treasure: gold. A rush for the precious metal is pitting mate growers and indigenous groups against the expanding operations of small-scale miners who, until recently, were their neighbors, not nemeses. “They [the miners] have destroyed everything... The canals, springs, swamps,” said Vidal Britez, president of the Yerba Mate Producers’ Association of the town of Paso Yobai, about 210km east of capital Asuncion. “You can see the pollution from the dead fish.
TARIFFS: The global ‘panic atmosphere remains strong,’ and foreign investors have continued to sell their holdings since the start of the year, the Ministry of Finance said The government yesterday authorized the activation of its NT$500 billion (US$15.15 billion) National Stabilization Fund (NSF) to prop up the local stock market after two days of sharp falls in reaction to US President Donald Trump’s new import tariffs. The Ministry of Finance said in a statement after the market close that the steering committee of the fund had been given the go-ahead to intervene in the market to bolster Taiwanese shares in a time of crisis. The fund has been authorized to use its assets “to carry out market stabilization tasks as appropriate to maintain the stability of Taiwan’s
RSS