Taiwan has launched a $56-billion, 8-year effort to develop solar, wind, and other renewable energy sources, Japan’s Nikkei reported. Nov. 28.
The aim is to increase the share of renewable electricity on the island nation of 23 million to 20 percent, and is part of President Tsai Ing-wen’s denuclearization policy.
Currently about 20 percent of Taiwanese power is generated by nuclear reactors; just 4 percent comes from renewable sources.
The investment comes as part of a draft amendment to the Electricity Act. It will come into effect next year and break a monopoly by the Taiwan Power company by encouraging companies in the private sector to enter the market. Critics of President Tsai’s plans say that trading nuclear for renewable power could cause more frequent power shortages and interruptions.
According to Japanese firm Hitachi, the strait between Taiwan and mainland China is a very good location for wind power generation. The Taiwanese government intends to build a wharf in the strait by end of 2018 to attract private wind farms there.
Marubeni, a Japanese trading company, operates thermal power plants in northern Taiwan after acquiring a local firm. It is now considering expanding its presence in the power market, Nikkei reported.
Singapore’s Equis Funds Group announced in October that it would build a half billion dollar solar and wind power plant in central Taiwan.
Featured image: Wind turbines at the Tsu Cuo Liao wetland by the Taiwan Power Company, a state-run power company, in northern Taoyuan on December 8, 2015. Credit: Sam Yeh/AFP/Getty Images