Costly winter gas purchases will push CPC’s accumulated losses to about NT$127.6 billion by the end of 2026
On 6 November, China National Petroleum Corporation signed US$18.8bn in crude purchase agreements at Shanghai’s import expo. The deals included Aramco, Petrobras and TotalEnergies. Chinese majors are securing long-term supplies, while Taiwan remains heavily dependent on the spot market – spot purchases account for 60–65% of its gas supply. CPC and Taipower are likely to lose the winter fight for spot LNG to Chinese state buyers. Taipower's 2026 fuel bill is up more than NT$160 billion, and the NT$71.1 billion subsidy still leaves a gap above NT$80 billion. Legislators have already refused three NT$100 billion funding requests leaving Taiwan’s state owned petroleum company CPC to lose about NT$10 billion more each month.
First reported byXinhua
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