日本綜合商社作為離岸風電開發商之經營策略:以丸紅商社與三菱商事為例

Abstract

離岸風力發電作為可大量穩定供電的其中一種再生能源，是近10年各國政府積極發展之再生能源項目之一。但離岸風力發電計畫初期開發建設參與門檻及風險高，需仰賴擁有雄厚資金或技術能力的開發商統籌整體離岸風場之開發、建設及營運，目前全球主要離岸風電開發商多為歐洲、北美的業者及少部分的日商。而在作為離岸風電開發商的日商中，資金雄厚且多角化經營的日本綜合商社為其中一種類型的企業。綜合商社為日本獨有的企業形式，作為貿易公司起家，在經歷一連串的經營策略變革後，如今多角化參與橫跨多種不同產業的事業，為兼具貿易事業及多角化事業經營的綜合型企業。 本研究旨在透過梳理、分析丸紅商社及三菱商事兩大作為離岸風電開發商的日本綜合商社在英國、歐洲及日本國內離岸風電產業的發展進程及布局策略，整理並歸納出日本綜合商社作為離岸風電開發商的經營策略與策略選擇原因，並試推測台灣離岸風電市場對日本綜合商社之吸引力及進入台灣市場之可能性。 本研究發現丸紅商社及三菱商事兩間日本綜合商社作為離岸風電開發商，皆採漸進式模式進入英國、歐洲這種成熟市場，學習、累積離岸風電產業及市場相關知識經驗，最終回到日本參與國內的離岸風電產業發展。而兩間個案企業根據優勢及資金雄厚程度，作為離岸風電開發商所採取之經營策略模式略有不同。丸紅商社基於原本的EPC資源及知識基礎，在資源整合及事業發展上較傾向成為離岸風場EPCI承包業者，通常僅參與風場開發及建設階段；而三菱商事則基於雄厚資金及三菱集團豐富的資源，在離岸風電事業部局上較傾向於發展成全方位之綜合開發業者，完整參與離岸風場之開發、建造及營運。根據兩間綜合商社之經營策略模式，本論文推估目前台灣的離岸風電市場的風險對於他們而言可能仍是相對較高的，因此短期內此種類型的綜合商社應該不會進入台灣的離岸風電市場。不過長期來看，擁有龐大市場潛力的台灣，若在離岸風電市場發展成熟、售電市場機制健全的情況下應該有機會能吸引到如三菱商事這般有能力營運離岸風場的投資者進入。

Offshore wind power, as a renewable energy source capable of providing a large and stable supply of electricity, has been a focus of active development by various governments over the past decade. However, the initial development and construction phases of offshore wind power projects involve high entry barriers and risks, requiring developers with substantial capital or technical capabilities to be in charge of the overall development, construction, and operation of offshore wind farms. Currently, the major global offshore wind power developers are primarily based in Europe and North America, with a few Japanese companies also participating. Japanese general trading companies (sōgō shōsha) with sufficient capital and involved in diverse business scopes is one type of enterprise being Japanese offshore developer. Sōgō shōsha, a unique form of Japanese enterprise, started as trading companies and, after a series of strategic transformations, now engage in various business among different industries, functioning as comprehensive enterprises with both trading and diversified business operations. This thesis aims to figure out the business model and strategies of Japanese general trading companies as offshore wind developers. The thesis will first sort out the development processes and business strategies of two representative Japanese general trading companies as offshore wind power developers, Marubeni Corporation and Mitsubishi Corporation, by observing their offshore wind power business in the UK, Europe, and Japan. And then, the study will summarize their business strategies and conclude the reasons behind their strategic choices. Lastly, the study seeks to further infer the attractiveness of the Taiwanese offshore wind power market to Japanese general trading companies and the potential for their entry into the Taiwanese market. This thesis finds that Marubeni and Mitsubishi, as offshore wind power developers, have adopted a gradual approach to entering mature markets like the UK and Europe, where they learn and accumulate relevant knowledge and experience in the offshore wind industry and market. Eventually, they participate in the development of the domestic offshore wind industry in Japan. The two case companies employ slightly different business strategies based on their strengths and financial capabilities. Marubeni, leveraging its existing EPC resources and knowledge, tends to serve as an EPCI contractor in offshore wind project, typically participating only in the development and construction phases of wind farms. In contrast, Mitsubishi, with its substantial capital and the extensive resources of the Mitsubishi Group, aims to be a comprehensive developer involved in the full lifecycle of offshore wind farms, from development, construction to operation. Based on the business strategies of these two general trading companies concluded above, the thesis supposes that the current risks in the Taiwanese offshore wind power market may still be relatively high for them. Therefore, in the short term, such general trading companies are unlikely to enter the Taiwanese offshore wind power market. However, in the long term, due to the fact that Taiwan has a great potential market for offshore wind power, as long as Taiwanese offshore wind power industry and the electricity sales market mechanism becomes mature, Taiwan may have chances to attract investors with capability to operate offshore wind farms like Mitsubishi.