Edward Chen, ertswhile Taipower chairman, has resigned after a steep hike in utility rates prompted outrage.
The economic ministry has in principle approved the resignation in order to push for Taipower’s reform, it announced.
Taipower has lost 132.2 billion New Taiwan dollars or US$4.48 billion since 2008, according to the island’s economic ministry, and a 37 percent rise in electricity prices was meant to try to stem the cash outflow.
But the public questioned its legitimacy and the company’s operations, prompting the government to split the increase into three stages.
Taiwan’s major opposition Democratic Progressive Party has said it will hold a mass protest against the hikes this month, with tens of thousands expected to attend.
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