Wind Energy – South Korea
South Korea’s Vice Minister of Trade, Industry, and Energy, Namho Choe, announced the launch of the Offshore Wind Power Competitive Bidding Roadmap.
This initiative marks the second phase of the government’s broader strategy to expand renewable energy and strengthen the supply chain, following last month’s measures to boost solar power generation.
The Roadmap aims to accelerate the growth of domestic wind power, which is projected to reach 18.3 GW by 2030. To achieve this, the government plans to initiate competitive bidding for large-scale offshore wind projects, balancing the goals of renewable energy expansion, industrial ecosystem development, and price competition.
Key highlights of the Roadmap include advancing the timing of competitive bidding from the fourth quarter (Q4) to the second quarter (Q2) of each year, with additional tenders potentially announced in Q4 if necessary. Over the next two years, approximately 7–8 GW of offshore wind power tenders will be launched, beginning in the second half of 2024.
The government will also introduce a two-stage bid evaluation process, with an increased focus on nonprice criteria, such as maintenance, security, and public works.
Additionally, a new bid market for floating wind turbine projects will be established this year.
