South Korea
Ørsted has suspended its bid for the 1.4GW Incheon offshore wind project and begun restructuring its South Korean operations.
The company’s Asia-Pacific head cited rising supply chain costs and deteriorating project economics as the primary reasons, stating that the project no longer meets internal investment criteria.
This effectively halts South Korea’s largest private offshore wind development project. This development further highlights the exodus of major global energy companies from the South Korean market, following similar moves by Equinor and Shell.
Although the South Korean government has set a target to expand offshore wind capacity to 45 GW by 2040, industry observers warn that unrealistic power price targets and complex permitting regulations will inevitably dampen investment appetite.
