Taiwan announces increased FIT rates for geothermal power

Taipei, Taiwan (source: Steffen Flor / flickr, Creative Commons)

Taiwan’s Ministry of Economic Affairs (MOEA) has announced that Feed-in Tariffs (FIT) rates for geothermal power generation facilities and certain offshore wind power facilities will be raised in 2023.

The new FIT rates for geothermal power generation are as follows:

• NTD 5.9406 per kWh for facilities with less than 2 MW output (up from 2022 FIT rate of 5.7736 per kWh)
• NTD 5.1956 per kWh for facilities with more than 2 MW output (same as 2021-2022 FIT rate)

According to MOEA, the FIT rate adjustments were done to encourage development of more renewable energy facilities.

The split of the FIT rate for geothermal power generation facilities over and under 2 MW in capacity was announced by the MOEA in early 2022.

Taiwan recently held its 2023 International Geothermal Conference in Taipei City with more than 400 attendees. A milestone event, the conference highlighted the country’s efforts to attain the current target of developing 6.2 GW of geothermal energy capacity.

Source: Focus Taiwan