Power Under Long-Term ContractNarrow moat

Mitsui & Co. (8031) — moat facet

Almost all of Mitsui's power is sold before it is generated.

Mitsui's independent power producers contributed ¥34.0 billion in the year to March 2024, ¥11.8 billion in 2025 and ¥28.8 billion in 20261. Of its generating capacity, 97% is sold under long-term contracts and 3% on the market2.

Power capacity by sales basis (%)Long-term contracts — 97%Sold on market — 3%Mitsui results presentation, May 2026
Contracted, not merchant.

Long-term power purchase agreements make power one of the steadiest businesses Mitsui owns: a plant built against a contract earns a return close to what was agreed at the start. The swings in the contribution came from one-off items such as sales, not from the contracts.

From April 2026 power generation moved from the Energy segment into the renamed Mobility, Digital & Infrastructure segment3, placing it alongside the other contracted businesses.

Power's move into the renamed Mobility, Digital & Infrastructure segment changes the segment's size: the latest year restated is ¥232.3 billion against ¥225.9 billion on the old basis, and Energy falls to ¥157.8 billion4. The transfer is presentational, but it means the power business will now be judged alongside the other contracted infrastructure.

The measure is the share of capacity under contract. Holding 97% as older contracts expire would mean the renewals are being signed.

Moat trajectory: Holding steady

The contracted share stays at 97%.

The number that tests this moat
Reported
Power capacity under long-term contracts
97% (3% sold on the market)

The contracted share of the power portfolio; watch it as contracts expire.

Source: Mitsui & Co. results presentation, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Contract Is Only as Good as the Buyer
Mitsui's power profits swing with asset sales even though the output is contracted.
References
  1. ReportedMitsui's independent power producers contributed ¥34.0 billion in the year to March 2024, ¥11.8 billion in 2025 and ¥28.8 billion in 2026.
    Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
  2. ReportedOf its generating capacity, 97% is sold under long-term contracts and 3% on the market.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedFrom April 2026 power generation moved from the Energy segment into the renamed Mobility, Digital & Infrastructure segment, placing it alongside the other contracted businesses.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedPower's move into the renamed Mobility, Digital & Infrastructure segment changes the segment's size: the latest year restated is ¥232.3 billion against ¥225.9 billion on the old basis, and Energy falls to ¥157.8 billion.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026