Overview

• Mitsubishi Corporation announced on August 27 it will exit construction plans in three sea areas off Akita and Chiba.
• The company said surging material prices and ballooning construction costs made a viable business plan impossible.
• The affected zones are off Noshiro, Mitane and Oga and off Yurihonjo in Akita Prefecture, and off Choshi in Chiba Prefecture.
• The projects had been awarded to a consortium that included Mitsubishi and C-Tech, a Chubu Electric Power subsidiary.
• Economy minister Yoji Muto called the move regrettable and warned of delays to offshore wind deployment, and the scrapped plans had targeted phased operations from 2028 to 2030.