Apart from literally burning cash, there is no faster way to squander money than by piling it into an offshore wind power project.
But don’t take our word for it, the Japanese government has just learnt that lesson, the hard way.
¥60 billion wind power project off Fukushima to be dismantled
The Japan Times
17 December 2020
The government said Thursday it will remove the two remaining wind power turbines it installed off Fukushima Prefecture citing lack of profit in the project, which cost ¥60 billion ($580 million).
The project was widely seen as a symbol of the reconstruction of the northeastern prefecture following the 2011 earthquake, tsunami and nuclear disasters.
The government will remove the two remaining wind power turbines it installed off Fukushima Prefecture due to inadequate profitability of the project, which cost ¥60 billion.
The decision came despite Japan’s goal of raising its offshore wind power generation to up to 45 gigawatts in 2040 from a mere 20,000 kilowatts at present as part of efforts to fight climate change. Prime Minister Yoshihide Suga has pledged to achieve carbon neutrality by 2050.
At a meeting in Fukushima, industry ministry officials briefed fishermen and other participants about the plan, with local people saying the government had wasted taxpayers’ money and should conduct a thorough study of why the project had failed.
In June, the government removed one of the three turbines installed 20 kilometers off the town of Naraha. It has decided to remove the remaining two in the fiscal year starting April.
The three turbines were constructed in stages from 2012 to support the local economy by creating a new industry based on renewable energy.
To commercialize wind power generation, the operational rate of a turbine must remain at 30% to 35% or more, according to the ministry.
But the rates of the turbines off Fukushima had been around 4% to 36%, according to trading house Marubeni Corp., which participated in the project.
The Japan Times