Taiwan Renewable Energy Association Members Sign the Self-regulatory Codes

The Taiwan Renewable Energy Association convened its first 4th board of directors and supervisors meeting today (21st), during which the "Renewable Energy Retailers Self-regulatory Codes" were formally approved. The association also endorsed the government's initiative to promote a government-backed electricity retail platform, which aims to strengthen financial guarantees for offshore wind power companies and address the challenges faced by medium-sized enterprises in purchasing green energy.

Taiwan's economy relies heavily on exports, and in the global wave of ESG, green energy is a crucial component of national competitiveness. The Taiwan Renewable Energy Association was established in January this year under the guidance of the Ministry of Economic Affairs (MOEA), with the primary goal of creating a large green energy platform. In the future, it will integrate electricity retailers and generators to establish a major trading platform that will assist Taiwan's industries in purchasing green energy and enable power producers to sell it, ensuring Taiwan's international competitiveness in the global supply chain.

Hui-Sen Hu, the Taiwan Renewable Energy Association Chairman, stated that the MOEA plans to set up a government-backed electricity retail platform. Initially, there were concerns that it might compete with private enterprises, but after discussions with the government, it was clarified that this platform would be limited to offshore wind power. The primary purpose is to resolve the financing challenges faced by offshore wind power companies when small and medium-sized enterprises cannot purchase green energy due to their limited scale. The association, therefore, supports the government-backed platform's unified purchase and distribution mechanism.

The self-regulatory codes cover basic operational principles for electricity retailers, industry standards, association enforcement penalties, and compliance with the Electricity Act. Since the revision of the Electricity Act in January 2017, the number of electricity retailers has rapidly increased, reaching 75 as of August 5th. The scale of green energy transactions through these retailers now accounts for nearly 30%.

In December 2023, the Energy Administration further expanded the opening of self-generated power for sale to renewable energy retailers, indicating that the influence of renewable energy retailers in the domestic renewable energy market will continue to grow. The self-regulatory codes will help maintain market order and protect consumer rights.