EnergyWatch

Mitsubishi fended off Europeans from Japan offshore tender with bids half as high

We offered strong and economically viable bids, maintains Ørsted executive after Japan closes its first offshore wind auction, where bidding prices varied dramatically.

Photo: Ørsted

In recent years of European offshore wind tenders, there seems to have been near consensus among developers about what prices are supportive of projects. Most recently, this was seen in Denmark's Thor tender, where five out of six participants proposed identical bids of DKK 0.01 per kWh – even though such uniformity could be called somewhat fictitious considering that this rate was the lowest permitted offer.

In any case, the same cannot be said of the newly opened Japanese offshore wind market. On Christmas Eve, when the Mitsubishi-led consortium won rights to develop the country's three first fixed-bottom projects, the victory was hardly secured with a hair's breadth ahead of rivals. EnergyWatch's assessment of the results shows that the winning price was 27 percent lower than the highest bid for one of the projects – and as much as 51 percent less than the two others.

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