New Energy
Japan Plans to Boost Support for Offshore Wind as Costs Swell
Offshore wind projects are currently excluded from the decarbonization auction system because they receive separate public support.
Photographer: Kentaro Takahashi/BloombergJapan’s government plans to expand public support for offshore wind power projects as costs increase rapidly and threaten the nation’s renewable energy goals.
A government panel on Wednesday proposed making offshore wind projects eligible for long-term decarbonization power auctions — a public financing mechanism that helps cover construction and maintenance costs. The measures would likely apply to projects led by companies including Jera Co. and Mitsui & Co., which won bids in 2023 and 2024, according to documents from a committee within the Ministry of Economy, Trade and Industry.