Official Announcement of the 2023 Feed-in Tariffs (FIT) Rates for Renewable Energy
The Ministry of Economic Affairs (MOEA) has completed the review of "R.O.C. 2023 Renewable Energy Feed-in Tariffs (FIT) and Calculation Formulas" and made the public announcement on January 6th. In summary, most rates remain the same as 2022 (such as solar PV, onshore wind power less than 30kW in capacity, bioenergy with non-anaerobic digestion facilities, waste, small hydropower of 2MW and above, geothermal power with a capacity of 2MW and above, and marine energy); some FIT rates have been increased (such as onshore wind power of 30kW and above, offshore wind power, bioenergy with anaerobic digestion facilities, geothermal power less than 2MW); and some new categories and rate ranges have been added (such as agricultural and forestry plant, small hydropower below 500kW, or over 500kW but less than 2MW), to encourage the development of renewable energy in all types.
The key points of the officially announced 2023 Feed-in Tariffs (FIT) Rates for Renewable Energy Electric Power are as follows:
1. Solar PV: The domestic solar PV industry is still affected by some raw material prices and labor shortages; however, the construction cost index is expected to gradually return to a more stable condition in the second half of 2022, lessening the impact on solar PV development. To achieve the aforementioned PV targets and encourage more investment in construction, the resolution was made for the FIT rate to remain the same as 2022.
2. Wind Power: The FIT rate for onshore wind farms with capacities less than 30kW will remain at NT$7.4110 per kWh; the rate for onshore wind farms with capacities of 30kW and above is increased to NT$2.1286 per kWh; as for offshore wind power, the rate is increased to $NT4.5085 per kWh.
3. Biomass Energy: Newly added the "Agricultural and forestry plant" category with a rate of NT$3.1187 kWh; the FIT rate for power generated from anaerobic digestion facilities is increased to NT$7.0089 per kWh, while the FIT rate for electricity generated with non-anaerobic digestion facilities is kept the same as 2022 at NT$2.8066 per kWh.
4. Waste to Energy: the FIT rates for energy generated from both agricultural and general wastes remain unchanged from 2022 at NT$5.1407 per kWh and NT$3.9482 per kWh, respectively.
5. Small Hydropower: The new FIT rate for capacities under 500kW is NT$4.8936 per kWh; for capacities above 500 kW but under 2 MW, the FIT rate is NT$4.2285 per kWh; the rate remains the same as 2022 at NT$2.8599 per kWh for capacities above 2MW.
6. Geothermal Power: The FIT rate for geothermal power generation facilities with capacities under 2MW is increased to NT$5.9406 per kWh, while the FIT rate for capacities over 2MW remains the same as 2022 at NT$5.1956 per kWh.
7. Marine Energy: The FIT rate will remain the same at NT$7.3200 per kWh as 2022.
According to MOEA, FIT markup for bolstered power grid of all types of renewable energy will be added to existing incentives from 2023 to encourage producers to complete the construction as soon as possible. As for solar PV, in particular, type one solar PV generation facilities, the annual FIT calculation starting point of 2023 is adjusted, from the recordation approval date to the date of building permit. In addition, for those with a facility capacity of 2-10MW without shared booster stations, the time limit is extended by 2 months compared to 2022.
Finally, MOEA stated that the review committee will complete the review of the 2023 renewable energy FIT rates following a fair, transparent, and rigorous procedure in full compliance with the law. Considering factors, such as domestic development environment and promotion targets, as well as the development trends of the renewable energy technologies, we set reasonable FIT rates that suit our country's development, and we will continue to study into FIT related issues with prudence in order to lay a sound foundation for the development of domestic renewable energy industry.
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