New government urged to tackle living costs, support steel industry

[webfact]

Image courtesy of Bangkok Post

 

by Alex Morgan

The incoming government, led by the Move Forward Party, has been urged to address the high cost of living and expensive electricity bills while continuing to support the domestic steel industry, according to Somsak Leeswadtrakul, a prominent steel magnate and philanthropist.

 

Tackling the rising cost of living, particularly for low-income earners, should be among the top priorities for the new government. “Now everyone is pinning their hopes on the new government to deal with this issue,” stated Somsak, who also serves as the executive director of the Iron and Steel Institute of Thailand.

Business owners in the manufacturing sector are grappling with high energy costs, particularly monthly electricity bills. Despite the government’s efforts to reduce power tariffs, energy bills remain high.

 

Somsak expressed concern over the increasing electricity prices in Thailand, which have become more expensive than those in neighbouring countries, potentially impacting the nation’s competitiveness.

 

Full story: https://thethaiger.com/news/business/new-government-urged-to-tackle-living-costs-support-steel-industry

 

-- © Copyright Thaiger 2023-05-16

 

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[Purdey]

Pushing bricks and mortar industries to the fore is probably helpful as Thailand hasn't got the educational level to build intellectual capital (Thailand 4.0 anyone?). Hope MF can develop the country and students to overcome this barrier.

[hotchilli]

4 hours ago, webfact said:

The incoming government, led by the Move Forward Party, has been urged to address the high cost of living and expensive electricity bills while continuing to support the domestic steel industry, according to Somsak Leeswadtrakul, a prominent steel magnate and philanthropist.

I'm all for sorting out the electricity costs and general living costs but let the steel industry sort out it's own business. they just want a subsidy so they can continue to compete.

[AgMech Cowboy]

6 hours ago, webfact said:

high cost of living and expensive electricity bills

Drill baby, drill. Gas (and coal with advanced capture technology) are the best ways to reduce the cost for Thailand. Obviously with the low amount of natural resources in Thailand the '"renewable" energy technology will be needed, which means Thailand needs to get heavily into the business of manufacturing their own batteries and solar panels.  There are places where wind turbines might be used economically, but I don't know the upcountry weather.

 

Obviously, IMO, long term, Thailand needs to develop a nuclear power base.  Thailand flooded the market with good Petroleum Engineers and technicians.  They can and should shift their education to nuclear.

[xtrnuno41]

You have to justify if the cost rise of electricity is due to rising cost of fuel.

Ukraine war made prises go up. Now it is dropping again, but before people will profit of it , you are way further in time line. Up always goes fast , down sloooow.

DOnt know what is problem with iron, as they mostly still use coal.

Subsidizing? Happens in lot of countries. In "my" country they subsidize SHELL, ESSO, TATA. Each company for 3 billion euro's. Mostly for putting CO2 in old wells.

The first 2 make big profits, but yet subsidized, otherwise stockholders get angry of course.

But multinationals and governments, they are 4 hands on one belly.

Thailand is on the way with solar panels. However that is cheap energie, panels cost not that much, but electricity is sold in same price as on gas or coal. So you make bigger profit as solar company. Probably thats why you have growing solar power in Thailand. 

We have the same here as windturbines generate cheap electricity, but is sold on higher prices, based on fuel generated electricity.

As in lots of countries, people arent interesting, but companies, yes it is.

 

[John Drake]

I've got one more issue to add to the list: monopolies. How about breaking up some monopolies dominating entire sectors of the economy?