The government will move to expand key infrastructure such as ports and installation vessels so it can deploy 25 GW of offshore wind by 2035. It aims to cut the levelized cost of electricity to 150 won per kWh or less.
The Ministry of Climate, Energy and Environment on the 10th held a cross-government task force (TF) meeting to accelerate offshore wind deployment and announced a "plan to expand offshore wind infrastructure and deployment." The ministry said Korea's cumulative offshore wind deployment remains at 0.352 GW due to a lack of ports and vessels, difficulty securing financing, complex permitting, and local acceptance issues.
The government will expand the only dedicated port, Mokpo New Port, so it can handle 4 GW a year by 2030, and secure at least four 15 MW-class installation vessels. It will also expand financial support such as a future energy fund and streamline key permitting procedures, including consultations on military operations. In the first half of next year, it will draw up an "implementation plan for long-term deployment tenders for 2035," and within the year establish a Director General-level "offshore wind power promotion team" to handle permitting, conflict mediation, and infrastructure development.
Timed with the law taking effect in March next year, the government will begin selecting planned sites and start tenders from 2029, with the goal of shortening the average project period from 10 years to within 6.5 years. Over the mid to long term, it will lower expense by improving the tender system, including contract extensions and inflation indexation, and by building energy hubs to reduce duplicate investment in shared transmission networks and connection facilities. It also set targets to achieve a generation cost of 250 won per kWh or less in 2030 and 150 won or less in 2035.
The government will strengthen research and development (R&D) support, including the development and demonstration of domestically produced 20 MW-class turbines and the construction of a 100 MW-class floating demonstration facility, and will encourage participation in the floating substructure supply chain by leveraging shipbuilding and offshore plant technologies. It also plans to introduce a "wind income model" that shares offshore wind revenue with local communities to increase public acceptance.
Minister Kim Seong-hwan of the Ministry of Climate, Energy and Environment said, "We will work closely with ministries, local governments, and industry to help Korea's offshore wind industry lead the Asia-Pacific market."