Overview

• The company confirmed on Aug. 27 it will not proceed with three fixed-bottom projects totaling about 1.76 GW off Akita and Chiba, covering the Yurihonjo, Noshiro Mitane Oga, and Choshi sites.
• Chief executive Katsuya Nakanishi said construction and lifecycle costs have more than doubled versus 2021 bid assumptions, with inflation, supply-chain constraints, yen depreciation, and higher interest rates erasing project economics.
• Mitsubishi said most related losses were previously recognized, including a ¥52.2 billion charge logged in February, while partner Chubu Electric Power expects about a ¥17 billion loss this fiscal year.
• Japan’s industry ministry called the withdrawal regrettable and said it will re-auction the three areas, as the government reviews auction conditions and maintains offshore wind as a core element of its energy strategy.
• Mitsubishi had denied reports of an exit on Aug. 26 and early Aug. 27 before issuing its decision later that day; the projects had been slated to start operations between 2028 and 2030.