Mitsubishi Corporation is abandoning three major offshore wind projects in Japan after costs more than doubled, making them financially unviable. The company’s CEO stated that investment recovery was impossible, leading to hundreds of millions in losses. This situation reflects a global trend, with major offshore wind projects being cancelled in the U.S. and Europe due to soaring costs. The true cost of offshore wind is much higher than often reported when factoring in grid expansion and backup power for intermittency. Japan continues to pursue aggressive offshore wind targets despite these fundamental economic flaws, treating corporate withdrawals as temporary setbacks. The green energy fantasy is…
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